OPEC stands for “Organization of the Petroleum Exporting Countries,” and was founded in 1960 in Baghdad, Iraq. The main aim of OPEC is to coordinate the oil policies of its members, and thus to have more influence on the international oil market. It is used as an important benchmark for crude oil prices.
In October 2023, the average price of the OPEC basket was 91.78 U.S. dollars per barrel. Monthly averages have been declining again as rising inflation dampens the global market outlook. The OPEC basket is a weighted average of prices for petroleum blends produced by OPEC countries. Average monthly OPEC basket crude oil price from January 2021 to October 2023 (in U.S. dollars per barrel)
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Other statistics that may interest you OPEC
Overview
6
- Premium Statistic Global oil production 1998-2022
- Premium Statistic Global oil refinery capacity 1970-2022
- Premium Statistic Global oil consumption 1970-2022
- Premium Statistic Global crude oil export value by country 2021
- Basic Statistic Voluntary oil output cuts by OPEC+ countries 2023
- Basic Statistic OPEC oil demand 2019-2045
Reserves
4
Production and refinery
6
- Premium Statistic Oil production in OPEC countries 1998-2022
- Premium Statistic OPEC 's share of total global crude oil production 2010-2021
- Basic Statistic Natural gas production in OPEC countries 2012-2021
- Basic Statistic OPEC's share of total global natural gas production 2010-2021
- Basic Statistic OPEC refinery capacity 2010-2021
- Premium Statistic OPEC refinery capacity 2012-2021, by member state
Prices
4
Trade
5
- Premium Statistic OPEC's net oil export revenue 2005-2023
- Premium Statistic OPEC net oil export revenue streams by country 2022
- Premium Statistic Global crude oil exports by OPEC countries 2012-2021
- Premium Statistic Oil exports from OPEC regions 2021
- Basic Statistic OPEC oil exports 2012-2021, by destination region
Selected member state profiles
8
- Premium Statistic Algeria's fossil fuels industry select information 2021
- Premium Statistic Angola's fossil fuels industry selected figures 2021
- Premium Statistic Equatorial Guinea's fossil fuels industry selected figures 2021
- Premium Statistic Gabon's fossil fuels industry selected figures 2021
- Premium Statistic Iran's fossil fuels industry select information 2021
- Premium Statistic Iraq's fossil fuels industry select information 2021
- Basic Statistic Kuwait's fossil fuels industry selected figures 2021
- Basic Statistic Libya's fossil fuels industry select information 2021
Further related statistics
12
- Ecopetrol: net income 2014-2019
- Price of Mixed Sweet Blend crude oil 2014-2019
- Average U.S. refiner acquisition cost of domestic crude oil
- Largest crude oil production increases in a single year by country 1973-2018
- Average U.S. refiner acquisition cost of imported crude oil
- Monthly value of petroleum oil exports from Luxembourg 2017-2018
- Leading oil producing countries 2020
- Global breakeven offshore oil price by company and project 2018
- Oil refinery capacity in Germany 1970-2022
- Germany: monthly value of crude oil imports 2017
- United Kingdom (UK): Extraction of crude petroleum & natural gas employment figures 2007-2018
- Average monthly gasoline retail prices Nagano 2017-2018
Further Content: You might find this interesting as well
Statistics
- Ecopetrol: net income 2014-2019
- Price of Mixed Sweet Blend crude oil 2014-2019
- Average U.S. refiner acquisition cost of domestic crude oil
- Largest crude oil production increases in a single year by country 1973-2018
- Average U.S. refiner acquisition cost of imported crude oil
- Monthly value of petroleum oil exports from Luxembourg 2017-2018
- Leading oil producing countries 2020
- Global breakeven offshore oil price by company and project 2018
- Oil refinery capacity in Germany 1970-2022
- Germany: monthly value of crude oil imports 2017
- United Kingdom (UK): Extraction of crude petroleum & natural gas employment figures 2007-2...
- Average monthly gasoline retail prices Nagano 2017-2018
Topics

en2x. (November 9, 2023). Average monthly OPEC basket crude oil price from January 2021 to October 2023 (in U.S. dollars per barrel) [Graph]. In Statista. Retrieved December 08, 2023, from https://www.statista.com/statistics/277914/monthly-average-prices-of-the-opec-crude-oil-basket/
en2x. "Average monthly OPEC basket crude oil price from January 2021 to October 2023 (in U.S. dollars per barrel)." Chart. November 9, 2023. Statista. Accessed December 08, 2023. https://www.statista.com/statistics/277914/monthly-average-prices-of-the-opec-crude-oil-basket/
en2x. (2023). Average monthly OPEC basket crude oil price from January 2021 to October 2023 (in U.S. dollars per barrel). Statista. Statista Inc.. Accessed: December 08, 2023. https://www.statista.com/statistics/277914/monthly-average-prices-of-the-opec-crude-oil-basket/
en2x. "Average Monthly Opec Basket Crude Oil Price from January 2021 to October 2023 (in U.S. Dollars per Barrel)." Statista, Statista Inc., 9 Nov 2023, https://www.statista.com/statistics/277914/monthly-average-prices-of-the-opec-crude-oil-basket/
en2x, Average monthly OPEC basket crude oil price from January 2021 to October 2023 (in U.S. dollars per barrel) Statista, https://www.statista.com/statistics/277914/monthly-average-prices-of-the-opec-crude-oil-basket/ (last visited December 08, 2023)
Average monthly OPEC basket crude oil price from January 2021 to October 2023 (in U.S. dollars per barrel) [Graph], en2x, November 9, 2023. [Online]. Available: https://www.statista.com/statistics/277914/monthly-average-prices-of-the-opec-crude-oil-basket/