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89

OPEC bulletin 8–9/17

Note: As per the decision of the 109

th

ECB (held in February 2008), the OPEC Reference Basket (ORB) has been recalculated including the Ecuadorian crude

Oriente retroactive as of October 19, 2007. As per the decision of the 108

th

ECB, the ORB has been recalculated including the Angolan crude Girassol, retroactive

January 2007. As of January 2006, monthly averages are based on daily quotations (as approved by the 105

th

Meeting of the Economic Commission Board). As

of June 16, 2005 (ie 3W June), the ORB has been calculated according to the new methodology as agreed by the 136

th

(Extraordinary) Meeting of the Conference.

From January 2009–December 2015, the ORB excludes Minas (Indonesia). As of July 2016, the ORB includes Rabi Light (Gabon).

*

Indonesia joined in 1962, suspended its Membership on December 31, 2008, reactivated it again on January 1, 2016, but suspended its Membership again

on December 31, 2016. Gabon joined in 1975 and left in 1995; it reactivated its Membership on July 1, 2016. Equatorial Guinea joined on May 25, 2017.

Brent for dated cargoes; Urals cif Mediterranean. All others fob loading port.

Sources: The netback values for TJL price calculations are taken from RVM; Platt’s; as of January 1, 2016, Argus; Secretariat’s assessments.

2016

2017

Weeks 31–35/2017 (week ending)

Crude/Member Country

Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun July Aug Aug 4 Aug 11 Aug 18 Aug 25 Sep 1

Arab Heavy

Saudi Arabia

41.00 40.34 46.26 40.96 49.70 50.56 51.97 48.86 49.97 47.92 43.64 45.76 48.55 48.72 49.29 47.71 48.63 48.27

Brega

Libya

45.87 46.74 49.79 45.18 53.52 54.43 54.86 51.40 52.19 49.85 45.77 47.61 50.76 51.04 51.06 49.55 51.04 51.38

North Sea Dtd

North Sea

45.85 46.69 49.74 45.13 53.57 54.58 55.06 51.60 52.59 50.45 46.42 48.51 51.66 51.94 51.96 50.45 51.94 52.28

Dubai

UAE

43.58 43.67 48.94 43.98 52.08 53.71 54.41 51.21 52.31 50.47 46.38 47.59 50.24 50.45 50.98 49.41 50.31 49.92

Ekofisk

North Sea

45.79 47.10 49.58 44.97 53.67 54.62 55.17 51.50 52.57 50.43 46.40 48.63 52.30 52.48 52.62 50.80 52.58 53.51

Iran Light

IR Iran

43.66 44.23 47.99 43.45 51.85 52.35 52.35 49.13 50.04 47.34 43.85 47.03 50.85 51.39 51.39 49.76 51.00 50.93

Isthmus

Mexico

44.22 44.55 49.91 45.64 53.81 54.98 56.09 52.26 53.81 51.85 48.21 50.75 52.92 53.76 53.76 52.38 52.87 52.07

Oman

Oman

44.02 44.01 49.18 44.54 52.72 54.01 55.12 51.71 52.82 50.57 46.50 47.63 50.37 50.52 51.10 49.51 50.45 50.12

Suez Mix

Egypt

42.20 42.78 46.54 42.13 50.59 51.72 51.97 48.24 49.71 47.31 43.82 46.12 49.59 50.13 50.13 48.50 49.74 49.67

Minas

Indonesia*

41.26 40.28 45.20 40.72 49.68 50.63 51.19 48.35 47.95 45.96 42.65 43.96 45.91 46.57 46.33 45.02 46.21 45.51

Urals

Russia

44.06 44.48 48.24 43.83 52.28 53.42 53.67 49.94 51.55 49.04 45.52 47.82 51.30 51.83 51.83 50.20 51.44 51.38

WTI

North America

44.75 45.16 49.89 45.67 52.02 52.50 53.40 49.58 51.06 48.56 45.17 46.67 48.03 49.51 49.11 47.50 47.62 46.70

2016

2017

Weeks 31–35/2017 (week ending)

Crude/Member Country

Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun July Aug Aug 4 Aug 11 Aug 18 Aug 25 Sep 1

Arab Light

Saudi Arabia

43.47 42.70 48.26 43.32 51.92 52.29 53.63 50.68 51.64 49.30 45.21 47.12 49.63 49.97 50.34 48.83 49.68 49.36

Basrah Light

Iraq

42.01 41.88 46.79 41.97 50.87 51.66 52.66 49.82 50.75 48.56 44.55 46.43 49.26 49.54 49.90 48.34 49.36 49.21

Bonny Light

Nigeria

46.35 47.77 50.83 45.20 53.91 54.98 55.24 51.91 53.02 50.77 46.92 48.66 51.69 52.00 51.99 50.48 51.97 52.31

Es Sider

Libya

44.85 45.69 48.74 43.63 52.12 53.08 53.46 50.00 51.04 48.90 44.87 46.96 50.31 50.55 50.61 49.10 50.59 50.93

Girassol

Angola

46.06 46.66 49.37 44.95 53.41 54.41 55.21 51.89 52.68 50.36 46.46 48.75 52.31 52.44 52.62 51.15 52.64 52.98

Iran Heavy

IR Iran

42.17 41.39 47.30 42.42 51.41 51.90 53.16 50.27 51.12 49.00 44.62 46.01 48.70 48.93 49.35 47.88 48.84 48.51

Kuwait Export

Kuwait

41.88 41.22 47.04 42.14 50.93 51.48 52.85 49.87 50.81 48.65 44.37 46.19 48.70 49.00 49.43 47.89 48.76 48.43

Marine

Qatar

43.44 43.51 48.13 44.25 52.08 53.44 54.14 50.89 52.39 50.24 46.26 47.45 49.71 50.09 50.51 48.97 49.65 49.23

Merey

Venezuela

36.46 37.38 42.36 39.37 45.86 46.81 47.03 44.14 46.15 45.16 42.49 43.41 45.38 46.04 45.91 44.43 45.38 45.18

Murban

UAE

46.25 46.42 51.19 47.25 54.93 55.97 56.31 52.96 54.32 51.96 47.86 49.02 51.51 51.74 52.28 50.75 51.54 51.18

Oriente

Ecuador

40.84 41.22 45.98 41.69 48.67 48.64 50.08 46.83 48.70 46.91 43.11 45.21 47.45 48.35 48.29 46.74 47.23 47.00

Rabi Light

Gabon*

44.90 45.51 48.15 43.92 52.22 53.13 54.04 50.63 51.71 49.48 45.45 47.54 50.69 50.97 50.99 49.48 50.97 51.31

Saharan Blend

Algeria

46.35 47.09 49.79 45.13 53.82 54.84 55.06 51.40 51.84 49.80 46.07 47.96 51.31 51.55 51.61 50.10 51.59 51.93

Zafiro

Equatorial Guinea*

45.40 46.41 48.40 43.40 52.77 53.80 54.75 51.73 51.98 49.96 45.92 48.19 51.67 51.64 51.66 50.15 52.44 52.78

OPEC Reference Basket

43.10 42.89 47.87 43.22 51.67 52.40 53.37 50.32 51.37 49.20 45.21 46.93 49.60 49.91 50.22 48.71 49.70 49.53

Table 1: OPEC Reference Basket spot crude prices

$/b

Table 2: Selected spot crude prices

$/b