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Crude Oil Price Movements

2

OPEC Monthly Oil Market Report – July 2017

Graph 1 - 1: Crude oil price movement

M-o-m, the ORB value declined $3.99 to settle at $45.21/b on a monthly average, down 8.1%. Compared to

the previous year, the ORB value was 38.3% higher, or $13.90, at $50.21/b.

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

35

40

45

50

55

60

35

40

45

50

55

60

Jun 16

Jul 16

Aug 16

Sep 16

Oct 16

Nov 16

Dec 16

Jan 17

Feb 17

Mar 17

Apr 17

May 17

Jun 17

Jul 17

US$/b

US$/b

OPEC Basket

WTI

Brent Dated

Sources: Argus Media, OPEC Secretariat and Platts.

May 17 Jun 17

Jun/May

%

2016

2017

Basket

49.20

45.21

-3.99

-8.1

36.31

50.21

Arab Light

49.30

45.21

-4.09

-8.3

36.49

50.36

Basrah Light

48.56

44.55

-4.01

-8.3

34.94

49.57

Bonny Light

50.77

46.92

-3.85

-7.6

39.85

52.04

Es Sider

48.90

44.87

-4.03

-8.2

38.89

50.12

Girassol

50.36

46.46

-3.90

-7.7

39.65

51.73

Iran Heavy

49.00

44.62

-4.38

-8.9

34.79

49.91

Kuwait Export

48.65

44.37

-4.28

-8.8

34.55

49.57

Qatar Marine

50.24

46.26

-3.98

-7.9

37.07

51.13

Merey

45.16

42.49

-2.67

-5.9

28.37

45.23

Murban

51.96

47.86

-4.10

-7.9

40.94

53.12

Oriente

46.91

43.11

-3.80

-8.1

33.72

47.29

Rabi Light

49.48

45.45

-4.03

-8.1

38.80

50.64

Sahara Blend

49.80

46.07

-3.73

-7.5

40.67

51.40

Zafiro

49.96

45.92

-4.04

-8.1

38.09

51.26

Other Crudes

Dated Brent

50.45

46.42

-4.03

-8.0

39.89

51.68

Dubai

50.47

46.38

-4.09

-8.1

37.01

51.32

Isthmus

51.85

48.21

-3.64

-7.0

37.59

52.77

LLS

50.64

47.21

-3.43

-6.8

41.37

51.82

Mars

47.51

43.95

-3.56

-7.5

36.22

48.24

Minas

45.96

42.65

-3.31

-7.2

39.11

47.70

Urals

49.04

45.52

-3.52

-7.2

38.25

50.41

WTI

48.56

45.17

-3.39

-7.0

39.52

49.94

Differentials

Brent/WTI

1.89

1.25

-0.64

-

0.37

1.75

Brent/LLS

-0.19

-0.79

-0.60

-

-1.48

-0.13

Brent/Dubai

-0.02

0.04

0.06

-

2.88

0.36

Year-to-date

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

Change