Average monthly OPEC basket crude oil price from May 2017 to May 2018 (in U.S. dollars per barrel)

Monthly average crude oil prices of the OPEC basket 2017-2018 This statistic illustrates the monthly average crude oil prices of the OPEC (Organization of Petroleum Exporting Countries) basket for the period between May 2017 to May 2018. The OPEC basket is a weighted average of prices for petroleum blends produced by OPEC countries. It is used as an important benchmark for crude oil prices. In May 2018, the average price of the OPEC basket was some 74.11 U.S. dollars per barrel.
The OPEC basket oil price

The OPEC crude oil price is defined by the price of the so-called OPEC (Reference) Basket. This basket is an average of the prices of petroleum blends that are produced by the OPEC members. Some of these oil blends are, for example: Saharan Blend from Algeria, Basra Light from Iraq, Arab Light from Saudi Arabia, Girassol from Angola, Es Sider from Libya, etc. OPEC tries to keep the price between given maxima and minima by increasing and decreasing its oil production. The OPEC reference basket includes both heavy and light crude oils, and is heavier than most other crude oil mixtures (benchmarks).

The OPEC Basket is one of the most crucial benchmarks for crude oil prices worldwide. The most significant benchmarks are UK Brent, West Texas Intermediate (WTI), and Dubai Crude (Fateh). Because there are many types and grades of oil, such benchmarks are indispensable for referencing them on the global oil market. Looking at the OPEC price within the last 12 months, the highest peak was reached in April 2018, when the annual average price stood at 68.43 U.S. dollars per barrel, while the lowest price was 45.21 U.S. dollars per barrel in June 2017.

OPEC stands for “Organization of the Petroleum Exporting Countries,” and was founded in 1960 in Baghdad, Iraq. The following countries are members of this organization: Algeria, Angola, Ecuador, Gabon, Iraq, Iran, Qatar, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. The main aim of OPEC is to coordinate the oil policies of these countries, and thus to have more influence on the international oil market.
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Average price in U.S. dollars per barrel
May 1749.2
Jun 1745.21
Jul 1746.93
Aug 1749.6
Sep 1753.44
Oct 1755.5
Nov 1760.74
Dec 1762.06
Jan 1866.85
Feb 1863.48
Mar 1863.76
Apr 1868.43
May 1874.11
Average price in U.S. dollars per barrel
May 1749.2
Jun 1745.21
Jul 1746.93
Aug 1749.6
Sep 1753.44
Oct 1755.5
Nov 1760.74
Dec 1762.06
Jan 1866.85
Feb 1863.48
Mar 1863.76
Apr 1868.43
May 1874.11
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Description Source More information
This statistic illustrates the monthly average crude oil prices of the OPEC (Organization of Petroleum Exporting Countries) basket for the period between May 2017 to May 2018. The OPEC basket is a weighted average of prices for petroleum blends produced by OPEC countries. It is used as an important benchmark for crude oil prices. In May 2018, the average price of the OPEC basket was some 74.11 U.S. dollars per barrel.
The OPEC basket oil price

The OPEC crude oil price is defined by the price of the so-called OPEC (Reference) Basket. This basket is an average of the prices of petroleum blends that are produced by the OPEC members. Some of these oil blends are, for example: Saharan Blend from Algeria, Basra Light from Iraq, Arab Light from Saudi Arabia, Girassol from Angola, Es Sider from Libya, etc. OPEC tries to keep the price between given maxima and minima by increasing and decreasing its oil production. The OPEC reference basket includes both heavy and light crude oils, and is heavier than most other crude oil mixtures (benchmarks).

The OPEC Basket is one of the most crucial benchmarks for crude oil prices worldwide. The most significant benchmarks are UK Brent, West Texas Intermediate (WTI), and Dubai Crude (Fateh). Because there are many types and grades of oil, such benchmarks are indispensable for referencing them on the global oil market. Looking at the OPEC price within the last 12 months, the highest peak was reached in April 2018, when the annual average price stood at 68.43 U.S. dollars per barrel, while the lowest price was 45.21 U.S. dollars per barrel in June 2017.

OPEC stands for “Organization of the Petroleum Exporting Countries,” and was founded in 1960 in Baghdad, Iraq. The following countries are members of this organization: Algeria, Angola, Ecuador, Gabon, Iraq, Iran, Qatar, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. The main aim of OPEC is to coordinate the oil policies of these countries, and thus to have more influence on the international oil market.
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Release date
June 2018
Region
Worldwide
Survey time period
May 2017 to May 2018

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