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Prices of OPEC Reference Basket oils from 2002 to 2016 (in U.S. dollars per barrel)

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Prices of OPEC Reference Basket oils 2002-2016 This statistic depicts the prices of oils from the OPEC Reference Basket from 2002 to 2016, measured in U.S. dollars per barrel. Saharan Blend from Algeria stood at some 25 U.S. dollars per barrel in 2002. Ten years later, this figure increased to more than 111 U.S. dollars, before decreasing to 52.79 U.S. dollars in 2015. In 2015, the average annual OPEC crude oil price was 49.49 U.S. dollars per barrel, while in 2014 the price was nearly double that amount at 96.29 U.S. dollars per barrel. Comparatively, the price of West Texas Intermediate crude oil hit a low of 30.32 U.S. dollars per barrel in February 2016.
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Description Source More information
This statistic depicts the prices of oils from the OPEC Reference Basket from 2002 to 2016, measured in U.S. dollars per barrel. Saharan Blend from Algeria stood at some 25 U.S. dollars per barrel in 2002. Ten years later, this figure increased to more than 111 U.S. dollars, before decreasing to 52.79 U.S. dollars in 2015. In 2015, the average annual OPEC crude oil price was 49.49 U.S. dollars per barrel, while in 2014 the price was nearly double that amount at 96.29 U.S. dollars per barrel. Comparatively, the price of West Texas Intermediate crude oil hit a low of 30.32 U.S. dollars per barrel in February 2016.
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Release date
June 2017
Region
World
Survey time period
2002 to 2016
Supplementary notes
OPEC Reference Basket (ORB): Up to May 2005, ORB was calculated according to the old methodology. As of June 16, 2005, the new Basket methodology was implemented (for details, please refer to OPEC Basket definition under ‘General Notes’). Basrah Light: up to 2001, delivery ex–Yanbu. As of 2002, quotations for US market and as of June 16, 2005, Market Weighted Average. Up to 2005, prices are averages of weekly fob quotations. As of 2006, based on daily quotations.
* Prior to 2009, price of BCF–17 which was the component of the OPEC Basket and was replaced by Merey in 2009.

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