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149

OPEC bulletin 11/17

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 39–43/2017 (week ending)

Crude/country

Oct Nov Dec Jan Feb Mar Apr May Jun July Aug Sep Oct Sep 29 Oct 6 Oct 13 Oct 20 Oct 27

Arab Heavy

Saudi Arabia

46.26 40.96 49.70 50.56 51.97 48.86 49.97 47.92 43.64 45.76 48.55 51.78 53.99 53.92 53.09 53.02 54.25 54.55

Brega

Libya

49.79 45.18 53.52 54.43 54.86 51.40 52.19 49.85 45.77 47.61 50.76 55.34 56.78 57.89 55.52 55.28 56.88 58.09

Brent Dtd

North Sea

49.74 45.13 53.57 54.58 55.06 51.60 52.59 50.45 46.42 48.51 51.66 56.07 57.28 58.59 56.02 55.78 57.38 58.59

Dubai

UAE

48.94 43.98 52.08 53.71 54.41 51.21 52.31 50.47 46.38 47.59 50.24 53.51 55.63 55.54 54.68 54.60 55.91 56.26

Ekofisk

North Sea

49.58 44.97 53.67 54.62 55.17 51.50 52.57 50.43 46.40 48.63 52.30 57.15 57.85 59.88 56.92 56.14 57.88 59.13

Iran Light

IR Iran

47.99 43.45 51.85 52.35 52.35 49.13 50.04 47.34 43.85 47.03 50.85 54.45 56.25 57.00 55.31 54.81 56.03 57.45

Isthmus

Mexico

49.91 45.64 53.81 54.98 56.09 52.26 53.81 51.85 48.21 50.75 52.92 55.20 56.08 57.56 54.39 55.03 56.42 57.22

Oman

Oman

49.18 44.54 52.72 54.01 55.12 51.71 52.82 50.57 46.50 47.63 50.37 53.95 55.63 56.20 54.80 54.73 55.88 56.14

Suez Mix

Egypt

46.54 42.13 50.59 51.72 51.97 48.24 49.71 47.31 43.82 46.12 49.59 53.19 55.11 55.74 54.05 53.67 54.93 56.35

Minas

Indonesia*

45.20 40.72 49.68 50.63 51.19 48.35 47.95 45.96 42.65 43.96 45.91 49.20 50.55 51.43 49.65 49.61 50.83 50.94

Urals

Russia

48.24 43.83 52.28 53.42 53.67 49.94 51.55 49.04 45.52 47.82 51.30 54.89 56.81 57.44 55.75 55.37 56.63 58.05

WTI

North America

49.89 45.67 52.02 52.50 53.40 49.58 51.06 48.56 45.17 46.67 48.03 49.71 51.57 51.83 50.21 50.77 51.71 52.49

2016

2017

Weeks 39–43/2017 (week ending)

Crude/Member Country

Oct Nov Dec Jan Feb Mar Apr May Jun July Aug Sep Oct Sep 29 Oct 6 Oct 13 Oct 20 Oct 27

Arab Light

Saudi Arabia

48.26 43.32 51.92 52.29 53.63 50.68 51.64 49.30 45.21 47.12 49.63 53.29 55.73 55.57 54.63 54.75 55.98 56.46

Basrah Light

Iraq

46.79 41.97 50.87 51.66 52.66 49.82 50.75 48.56 44.55 46.43 49.26 53.03 55.02 55.33 53.94 53.91 55.23 55.87

Bonny Light

Nigeria

50.83 45.20 53.91 54.98 55.24 51.91 53.02 50.77 46.92 48.66 51.69 56.55 57.97 59.07 56.71 56.47 58.07 59.28

Es Sider

Libya

48.74 43.63 52.12 53.08 53.46 50.00 51.04 48.90 44.87 46.96 50.31 55.07 56.48 57.59 55.22 54.98 56.58 57.79

Girassol

Angola

49.37 44.95 53.41 54.41 55.21 51.89 52.68 50.36 46.46 48.75 52.31 56.83 57.88 59.49 56.84 56.38 57.88 59.09

Iran Heavy

IR Iran

47.30 42.42 51.41 51.90 53.16 50.27 51.12 49.00 44.62 46.01 48.70 52.27 54.29 54.53 53.27 53.30 54.55 54.95

Kuwait Export

Kuwait

47.04 42.14 50.93 51.48 52.85 49.87 50.81 48.65 44.37 46.19 48.70 52.23 54.50 54.47 53.47 53.52 54.75 55.18

Marine

Qatar

48.13 44.25 52.08 53.44 54.14 50.89 52.39 50.24 46.26 47.45 49.71 52.91 55.14 55.30 54.06 54.08 55.36 55.83

Merey

Venezuela

42.36 39.37 45.86 46.81 47.03 44.14 46.15 45.16 42.49 43.41 45.38 49.13 50.70 51.20 49.80 49.82 51.02 51.21

Murban

UAE

51.19 47.25 54.93 55.97 56.31 52.96 54.32 51.96 47.86 49.02 51.51 54.94 57.39 57.45 55.98 56.25 57.75 58.28

Oriente

Ecuador

45.98 41.69 48.67 48.64 50.08 46.83 48.70 46.91 43.11 45.21 47.45 51.30 53.77 54.07 52.19 52.94 53.87 54.95

Rabi Light

Gabon*

48.15 43.92 52.22 53.13 54.04 50.63 51.71 49.48 45.45 47.54 50.69 55.10 56.31 57.62 55.05 54.81 56.41 57.62

Saharan Blend

Algeria

49.79 45.13 53.82 54.84 55.06 51.40 51.84 49.80 46.07 47.96 51.31 56.32 57.88 58.84 56.62 56.38 57.98 59.19

Zafiro

Equatorial Guinea*

48.40 43.40 52.77 53.80 54.75 51.73 51.98 49.96 45.92 48.19 51.67 56.57 57.73 59.09 56.52 56.28 57.88 58.97

OPEC Reference Basket

47.87 43.22 51.67 52.40 53.37 50.32 51.37 49.20 45.21 46.93 49.60 53.44 55.50 55.78 54.38 54.41 55.72 56.34

Table 1: OPEC Reference Basket spot crude prices

$/b

Table 2: Selected spot crude prices

$/b