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53

OPEC bulletin 2/18

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.

2017

2018

Weeks 1–5/2018 (week ending)

Crude/country

Jan Feb Mar Apr May Jun July Aug Sep Oct

Nov Dec Jan Jan 5 Jan 12 Jan 19 Jan 26 Feb 2

Arab Heavy

Saudi Arabia

50.56 51.97 48.86 49.97 47.92 43.64 45.76 48.55 51.78 53.99 59.03 60.47 65.24 63.81 65.00 65.62 66.01 65.56

Brega

Libya

54.43 54.86 51.40 52.19 49.85 45.77 47.61 50.76 55.34 56.78 61.99 63.54 68.68 67.49 69.17 68.90 69.53 67.73

Brent Dtd

North Sea

54.58 55.06 51.60 52.59 50.45 46.42 48.51 51.66 56.07 57.28 62.63 64.14 69.13 67.94 69.62 69.35 69.98 68.08

Dubai

UAE

53.71 54.41 51.21 52.31 50.47 46.38 47.59 50.24 53.51 55.63 60.81 61.61 66.15 64.71 65.87 66.53 66.93 66.59

Ekofisk

North Sea

54.62 55.17 51.50 52.57 50.43 46.40 48.63 52.30 57.15 57.85 63.28 64.98 69.99 68.81 70.63 70.40 70.83 68.43

Iran Light

IR Iran

52.35 52.35 49.13 50.04 47.34 43.85 47.03 50.85 54.45 56.25 62.12 63.37 68.32 67.57 69.26 68.81 68.60 66.32

Isthmus

Mexico

54.98 56.09 52.26 53.81 51.85 48.21 50.75 52.92 55.20 56.08 61.35 62.57 67.57 65.87 67.62 68.04 68.57 67.75

Oman

Oman

54.01 55.12 51.71 52.82 50.57 46.50 47.63 50.37 53.95 55.63 60.84 61.63 66.42 64.99 66.22 66.82 67.18 66.79

Suez Mix

Egypt

51.72 51.97 48.24 49.71 47.31 43.82 46.12 49.59 53.19 55.11 60.83 62.04 66.99 66.24 67.93 67.48 67.27 64.99

Minas

Indonesia*

50.63 51.19 48.35 47.95 45.96 42.65 43.96 45.91 49.20 50.55 55.50 56.95 60.91 60.04 60.96 61.07 61.40 60.91

Urals

Russia

53.42 53.67 49.94 51.55 49.04 45.52 47.82 51.30 54.89 56.81 62.53 63.75 68.69 67.94 69.63 69.18 68.97 66.69

WTI

North America

52.50 53.40 49.58 51.06 48.56 45.17 46.67 48.03 49.71 51.57 56.67 57.94 63.70 61.36 63.27 63.86 65.10 65.21

2017

2018

Weeks 1–5/2018 (week ending)

Crude/Member Country

Jan Feb Mar Apr May Jun July Aug Sep Oct

Nov Dec Jan Jan 5 Jan 12 Jan 19 Jan 26 Feb 2

Arab Light

Saudi Arabia

52.29 53.63 50.68 51.64 49.30 45.21 47.12 49.63 53.29 55.73 61.08 62.50 67.42 65.99 67.27 67.84 68.20 67.66

Basrah Light

Iraq

51.66 52.66 49.82 50.75 48.56 44.55 46.43 49.26 53.03 55.02 60.21 61.44 66.11 64.76 66.12 66.48 66.89 65.95

Bonny Light

Nigeria

54.98 55.24 51.91 53.02 50.77 46.92 48.66 51.69 56.55 57.97 63.29 64.64 69.92 68.73 70.41 70.14 70.77 68.89

Es Sider

Libya

53.08 53.46 50.00 51.04 48.90 44.87 46.96 50.31 55.07 56.48 61.58 63.09 68.23 67.04 68.72 68.45 69.08 67.22

Girassol

Angola

54.41 55.21 51.89 52.68 50.36 46.46 48.75 52.31 56.83 57.88 62.97 64.97 69.77 68.69 70.30 69.91 70.54 68.86

Iran Heavy

IR Iran

51.90 53.16 50.27 51.12 49.00 44.62 46.01 48.70 52.27 54.29 59.27 60.87 65.85 64.38 65.62 66.22 66.69 66.10

Kuwait Export

Kuwait

51.48 52.85 49.87 50.81 48.65 44.37 46.19 48.70 52.23 54.50 59.58 60.94 65.74 64.30 65.56 66.15 66.51 65.95

Marine

Qatar

53.44 54.14 50.89 52.39 50.24 46.26 47.45 49.71 52.91 55.14 60.47 61.54 66.36 64.88 66.24 66.88 67.00 66.81

Merey

Venezuela

46.81 47.03 44.14 46.15 45.16 42.49 43.41 45.38 49.13 50.70 55.86 56.04 59.14 58.42 58.74 59.13 59.80 60.07

Murban

UAE

55.97 56.31 52.96 54.32 51.96 47.86 49.02 51.51 54.94 57.39 62.76 63.84 68.81 67.08 68.50 69.32 69.70 69.32

Oriente

Ecuador

48.64 50.08 46.83 48.70 46.91 43.11 45.21 47.45 51.30 53.77 59.23 59.66 63.53 62.11 63.78 64.24 64.09 63.29

Rabi Light

Gabon*

53.13 54.04 50.63 51.71 49.48 45.45 47.54 50.69 55.10 56.31 61.66 63.17 68.16 66.97 68.65 68.38 69.01 67.11

Saharan Blend

Algeria

54.84 55.06 51.40 51.84 49.80 46.07 47.96 51.31 56.32 57.88 63.23 64.74 69.93 68.74 70.42 70.15 70.78 68.90

Zafiro

Equatorial Guinea*

53.80 54.75 51.73 51.98 49.96 45.92 48.19 51.67 56.57 57.73 62.75 64.34 69.23 68.14 69.82 69.47 69.98 68.08

OPEC Reference Basket

52.40 53.37 50.32 51.37 49.20 45.21 46.93 49.60 53.44 55.50 60.74 62.06 66.85 65.49 66.81 67.21 67.64 66.89

Table 1: OPEC Reference Basket spot crude prices

$/b

Table 2: Selected spot crude prices

$/b