The OPEC Secretariat wishes to state that this story is totally untrue, as OPEC has not introduced any new formula in calculating the OPEC Reference Basket price different to what it has been using since the 1980s. The OPEC Reference Basket price is still calculated using the same formula, which is based on a simple average of closing quotations of the seven crudes that make up the Basket.

The crudes comprise Saharan Blend, Bonny Light, Dubai, Minas, Arabian Light, Tia Juana Light, and Isthmus.