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109

OPEC bulletin 3–4/17

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.

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 9–12/2017 (week ending)

Crude/Member Country

Mar Apr May Jun Jul

Aug Sep Oct Nov Dec Jan Feb Mar Mar 3 Mar 10 Mar 17 Mar 24 Mar 31

Arab Heavy

Saudi Arabia

32.76 35.92 40.69 43.68 40.40 41.00 40.34 46.26 40.96 49.70 50.56 51.97 48.86 52.27 50.72 47.75 47.23 47.73

Brega

Libya

38.36 41.42 46.83 48.28 44.95 45.87 46.74 49.79 45.18 53.52 54.43 54.86 51.40 54.58 52.78 49.96 49.86 51.07

North Sea Dtd

North Sea

38.51 41.48 46.83 48.28 45.00 45.85 46.69 49.74 45.13 53.57 54.58 55.06 51.60 54.78 52.98 50.16 50.06 51.27

Dubai

UAE

35.15 39.00 44.29 46.25 42.64 43.58 43.67 48.94 43.98 52.08 53.71 54.41 51.21 54.71 53.13 50.22 49.53 49.95

Ekofisk

North Sea

38.86 42.15 47.70 48.54 44.99 45.79 47.10 49.58 44.97 53.67 54.62 55.17 51.50 54.59 52.72 49.87 50.06 51.47

Iran Light

IR Iran

36.08 39.09 44.65 46.38 43.54 43.66 44.23 47.99 43.45 51.85 52.35 52.35 49.13 52.23 50.41 47.94 47.57 48.78

Isthmus

Mexico

35.45 38.14 44.76 47.51 45.07 44.22 44.55 49.91 45.64 53.81 54.98 56.09 52.26 56.14 53.62 51.10 50.12 52.03

Oman

Oman

36.46 39.43 44.37 46.61 43.45 44.02 44.01 49.18 44.54 52.72 54.01 55.12 51.71 55.18 53.51 50.49 50.13 50.70

Suez Mix

Egypt

35.15 38.19 43.31 44.90 42.06 42.20 42.78 46.54 42.13 50.59 51.72 51.97 48.24 51.85 49.88 46.83 46.46 47.67

Minas

Indonesia*

34.62 38.52 48.64 51.56 41.84 41.26 40.28 45.20 40.72 49.68 50.63 51.19 48.35 51.56 50.20 47.27 46.73 47.25

Urals

Russia

36.87 39.89 45.08 46.60 43.76 44.06 44.48 48.24 43.83 52.28 53.42 53.67 49.94 53.55 51.58 48.53 48.16 49.37

WTI

North America

37.77 40.95 46.84 48.74 44.90 44.75 45.16 49.89 45.67 52.02 52.50 53.40 49.58 53.57 50.88 48.50 47.44 49.31

2016

2017

Weeks 9–12/2017 (week ending)

Crude/Member Country

Mar Apr May Jun Jul

Aug Sep Oct Nov Dec Jan Feb Mar Mar 3 Mar 10 Mar 17 Mar 24 Mar 31

Arab Light

Saudi Arabia

34.74 38.22 43.48 46.28 43.14 43.47 42.70 48.26 43.32 51.92 52.29 53.63 50.68 54.03 52.36 49.59 48.95 49.79

Basrah Light

Iraq

33.39 36.62 42.05 44.63 41.37 42.01 41.88 46.79 41.97 50.87 51.66 52.66 49.82 53.03 51.48 48.62 48.17 48.99

Bonny Light

Nigeria

38.53 41.51 46.85 48.48 45.30 46.35 47.77 50.83 45.20 53.91 54.98 55.24 51.91 55.03 53.29 50.47 50.37 51.58

Es Sider

Libya

37.51 40.48 45.83 47.28 44.00 44.85 45.69 48.74 43.63 52.12 53.08 53.46 50.00 53.18 51.38 48.56 48.46 49.67

Girassol

Angola

38.42 41.25 46.58 48.30 45.09 46.06 46.66 49.37 44.95 53.41 54.41 55.21 51.89 54.82 53.24 50.56 50.46 51.51

Iran Heavy

IR Iran

33.23 36.65 41.67 44.68 41.59 42.17 41.39 47.30 42.42 51.41 51.90 53.16 50.27 53.57 52.10 49.16 48.63 49.17

Kuwait Export

Kuwait

32.99 36.33 41.60 44.50 41.37 41.88 41.22 47.04 42.14 50.93 51.48 52.85 49.87 53.23 51.62 48.77 48.18 48.87

Marine

Qatar

35.49 38.97 44.13 46.37 43.53 43.44 43.51 48.13 44.25 52.08 53.44 54.14 50.89 54.30 52.75 49.85 49.44 49.59

Merey

Venezuela

25.83 28.84 34.28 38.22 36.71 36.46 37.38 42.36 39.37 45.86 46.81 47.03 44.14 47.80 46.07 43.24 42.38 42.79

Murban

UAE

40.01 42.47 47.12 49.28 46.54 46.25 46.42 51.19 47.25 54.93 55.97 56.31 52.96 56.35 54.84 51.84 51.36 51.88

Oriente

Ecuador

31.45 35.04 41.96 44.03 40.72 40.84 41.22 45.98 41.69 48.67 48.64 50.08 46.83 50.43 47.86 45.68 44.85 46.89

Rabi Light

Gabon*

37.59 40.43 45.48 47.15 44.03 44.90 45.51 48.15 43.92 52.22 53.13 54.04 50.63 53.81 52.01 49.19 49.09 50.30

Saharan Blend

Algeria

39.41 42.33 47.73 48.98 45.30 46.35 47.09 49.79 45.13 53.82 54.84 55.06 51.40 54.66 52.78 49.96 49.86 51.07

OPEC Reference Basket

34.65 37.86 43.21 45.84 42.68 43.10 42.89 47.87 43.22 51.67 52.40 53.37 50.32 53.63 52.00 49.17 48.66 49.45

Table 1: OPEC Reference Basket spot crude prices

$/b

Table 2: Selected spot crude prices

$/b