Prices of OPEC Reference Basket oils 2002-2020

Prices of OPEC Reference Basket oils from 2002 to 2020

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Release date

October 2021



Survey time period

2002 to 2020

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.
* Qatar left OPEC in January 2019 and Ecuador left in January 2020. Prices have been left in this statistic for posterity reasons.
** 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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