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50

55

60

65

70

75

Nov 10

Wk 45

17

46

24

47

Dec 1

48

8

49

15

50

22

51

29

52

Jan 5

1

12

2

19

3

26

4

Feb 2

5

Arab Heavy

Brega

Brent

Dubai

Ekofisk

Iran Light

Isthmus

Minas

Oman

Suez Mix

Urals

WTI

OPEC Reference Basket

50

55

60

65

70

75

Nov 10

Wk 45

17

46

24

47

Dec 1

48

8

49

15

50

22

51

29

52

Jan 5

1

12

2

19

3

26

4

Feb 2

5

Arab Light

Basrah Light

Bonny Light

Es Sider

Girassol

Iran Heavy

Kuwait Export

Marine

Merey

Oriente

Rabi Light

Saharan Blend

Zafiro

OPEC R Basket

Murban

54

OPEC bulletin 2/18

M a r k e t R e v i e w

Graph 1: Evolution of the OPEC Reference Basket spot crude prices, 2017–18

$/b

Graph 2: Evolution of selected spot crude prices, 2017–18

$/b

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 basket 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. As of January

2009, the ORB excludes Minas (Indonesia).

Indonesia suspended its OPEC Membership on December 31, 2008, this was reactivated from January 1, 2016, but suspended again on December 31, 2016.