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125

OPEC bulletin 5–7/17

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 17–21/2017 (week ending)

Crude/Member Country

May Jun Jul

Aug Sep Oct Nov Dec Jan Feb Mar

Apr May Apr 28 May 5 May 12May 19May 26

Arab Heavy

Saudi Arabia

40.69 43.68 40.40 41.00 40.34 46.26 40.96 49.70 50.56 51.97 48.86 49.97 47.92 48.00 47.07 46.42 48.54 49.73

Brega

Libya

46.83 48.28 44.95 45.87 46.74 49.79 45.18 53.52 54.43 54.86 51.40 52.19 49.85 49.77 48.23 47.83 51.17 52.21

North Sea Dtd

North Sea

46.83 48.28 45.00 45.85 46.69 49.74 45.13 53.57 54.58 55.06 51.60 52.59 50.45 50.17 48.83 48.43 51.77 52.81

Dubai

UAE

44.29 46.25 42.64 43.58 43.67 48.94 43.98 52.08 53.71 54.41 51.21 52.31 50.47 50.36 49.55 48.94 51.07 52.29

Ekofisk

North Sea

47.70 48.54 44.99 45.79 47.10 49.58 44.97 53.67 54.62 55.17 51.50 52.57 50.43 50.09 48.32 48.19 51.80 53.07

Iran Light

IR Iran

44.65 46.38 43.54 43.66 44.23 47.99 43.45 51.85 52.35 52.35 49.13 50.04 47.34 47.35 45.42 45.21 48.73 49.71

Isthmus

Mexico

44.76 47.51 45.07 44.22 44.55 49.91 45.64 53.81 54.98 56.09 52.26 53.81 51.85 51.90 50.35 50.23 52.79 53.68

Oman

Oman

44.37 46.61 43.45 44.02 44.01 49.18 44.54 52.72 54.01 55.12 51.71 52.82 50.57 50.84 49.79 49.08 51.20 52.37

Suez Mix

Egypt

43.31 44.90 42.06 42.20 42.78 46.54 42.13 50.59 51.72 51.97 48.24 49.71 47.31 47.32 45.39 45.18 48.70 49.68

Minas

Indonesia*

48.64 51.56 41.84 41.26 40.28 45.20 40.72 49.68 50.63 51.19 48.35 47.95 45.96 45.39 44.29 43.55 46.87 48.63

Urals

Russia

45.08 46.60 43.76 44.06 44.48 48.24 43.83 52.28 53.42 53.67 49.94 51.55 49.04 49.02 47.48 46.88 50.40 51.38

WTI

North America

46.84 48.74 44.90 44.75 45.16 49.89 45.67 52.02 52.50 53.40 49.58 51.06 48.56 49.20 47.21 47.06 49.25 50.30

2016

2017

Weeks 17–21/2017 (week ending)

Crude/Member Country

May Jun Jul

Aug Sep Oct Nov Dec Jan Feb Mar

Apr May Apr 28 May 5 May 12May 19May 26

Arab Light

Saudi Arabia

43.48 46.28 43.14 43.47 42.70 48.26 43.32 51.92 52.29 53.63 50.68 51.64 49.30 49.66 48.30 47.77 49.96 51.10

Basrah Light

Iraq

42.05 44.63 41.37 42.01 41.88 46.79 41.97 50.87 51.66 52.66 49.82 50.75 48.56 48.66 47.45 46.90 49.39 50.53

Bonny Light

Nigeria

46.85 48.48 45.30 46.35 47.77 50.83 45.20 53.91 54.98 55.24 51.91 53.02 50.77 50.60 49.15 48.75 52.09 53.13

Es Sider

Libya

45.83 47.28 44.00 44.85 45.69 48.74 43.63 52.12 53.08 53.46 50.00 51.04 48.90 48.62 47.28 46.88 50.22 51.26

Girassol

Angola

46.58 48.30 45.09 46.06 46.66 49.37 44.95 53.41 54.41 55.21 51.89 52.68 50.36 50.33 48.87 48.27 51.57 52.71

Iran Heavy

IR Iran

41.67 44.68 41.59 42.17 41.39 47.30 42.42 51.41 51.90 53.16 50.27 51.12 49.00 49.13 48.11 47.49 49.63 50.81

Kuwait Export

Kuwait

41.60 44.50 41.37 41.88 41.22 47.04 42.14 50.93 51.48 52.85 49.87 50.81 48.65 48.84 47.72 47.13 49.29 50.45

Marine

Qatar

44.13 46.37 43.53 43.44 43.51 48.13 44.25 52.08 53.44 54.14 50.89 52.39 50.24 50.56 49.39 48.63 50.74 52.14

Merey

Venezuela

34.28 38.22 36.71 36.46 37.38 42.36 39.37 45.86 46.81 47.03 44.14 46.15 45.16 44.65 44.03 43.57 45.85 46.99

Murban

UAE

47.12 49.28 46.54 46.25 46.42 51.19 47.25 54.93 55.97 56.31 52.96 54.32 51.96 52.46 51.35 50.47 52.46 53.65

Oriente

Ecuador

41.96 44.03 40.72 40.84 41.22 45.98 41.69 48.67 48.64 50.08 46.83 48.70 46.91 46.91 45.38 45.30 47.69 48.77

Rabi Light

Gabon*

45.48 47.15 44.03 44.90 45.51 48.15 43.92 52.22 53.13 54.04 50.63 51.71 49.48 49.20 47.86 47.46 50.80 51.84

Saharan Blend

Algeria

47.73 48.98 45.30 46.35 47.09 49.79 45.13 53.82 54.84 55.06 51.40 51.84 49.80 49.42 48.18 47.78 51.12 52.16

OPEC Reference Basket

43.21 45.84 42.68 43.10 42.89 47.87 43.22 51.67 52.40 53.37 50.32 51.37 49.20 49.35 48.14 47.57 49.96 51.11

Table 1: OPEC Reference Basket spot crude prices

$/b

Table 2: Selected spot crude prices

$/b