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Crude Oil Price Movements

2

OPEC Monthly Oil Market Report – September 2017

Graph 1 - 1: Crude oil price movement

The

ORB value

rose m-o-m by $2.67 to settle at $49.60/b on average in August, up 5.7%. Compared with

the previous year, the ORB value was 30.9% higher or $11.74, at $49.73/b.

Table 1 - 1: OPEC Reference Basket and selected crudes, US$/b

35

40

45

50

55

60

35

40

45

50

55

60

Aug 16

Sep 16

Oct 16

Nov 16

Dec 16

Jan 17

Feb 17

Mar 17

Apr 17

May 17

Jun 17

Jul 17

Aug 17

Sep 17

US$/b

US$/b

OPEC Basket

WTI

Brent Dated

Sources: Argus Media, OPEC Secretariat and Platts.

Jul 17 Aug 17

Aug/Jul

%

2016

2017

Basket

46.93

49.60

2.67

5.7

37.99

49.73

Arab Light

47.12

49.63

2.51

5.3

38.23

49.86

Basrah Light

46.43

49.26

2.83

6.1

36.66

49.15

Bonny Light

48.66

51.69

3.03

6.2

41.37

51.58

Es Sider

46.96

50.31

3.35

7.1

40.30

49.76

Girassol

48.75

52.31

3.56

7.3

41.16

51.45

Iran Heavy

46.01

48.70

2.69

5.8

36.60

49.27

Kuwait Export

46.19

48.70

2.51

5.4

36.35

49.04

Qatar Marine

47.45

49.71

2.26

4.8

38.70

50.49

Merey

43.41

45.38

1.97

4.5

30.46

45.03

Murban

49.02

51.51

2.49

5.1

42.33

52.41

Oriente

45.21

47.45

2.24

5.0

35.52

47.05

Rabi Light

47.54

50.69

3.15

6.6

40.25

50.27

Sahara Blend

47.96

51.31

3.35

7.0

41.99

50.97

Zafiro

48.19

51.67

3.48

7.2

39.82

50.94

Other Crudes

Dated Brent

48.51

51.66

3.15

6.5

41.30

51.29

Dubai

47.59

50.24

2.65

5.6

38.56

50.72

Isthmus

50.75

52.92

2.17

4.3

39.38

52.54

LLS

49.02

51.08

2.06

4.2

42.67

51.38

Mars

45.85

47.91

2.06

4.5

37.59

47.91

Minas

43.96

45.91

1.95

4.4

39.73

47.00

Urals

47.82

51.30

3.48

7.3

39.69

50.21

WTI

46.67

48.03

1.36

2.9

40.87

49.28

Differentials

Brent/WTI

1.84

3.63

1.79

-

0.44

2.01

Brent/LLS

-0.51

0.58

1.09

-

-1.37

-0.09

Brent/Dubai

0.92

1.42

0.50

-

2.74

0.57

Year-to-date

Sources: Argus Media, Direct Communication, OPEC Secretariat and Platts.

Change