What is the OPEC basket in the international oil market?

The OPEC Basket, is a weighted average of prices for petroleum blends produced by OPEC countries members. It is used as an important benchmark for crude oil prices.

What is crude basket?

Indian Basket (IB), also known as Indian Crude Basket, is weighted average of Dubai and Oman (sour) and the Brent Crude (sweet) crude oil prices. It is used as an indicator of the price of crude imports in India and Government of India watches the index when examining domestic price issues.

What is OPEC in simple terms?

The term Organization of the Petroleum Exporting Countries (OPEC) refers to a group of 13 of the world’s major oil-exporting nations. OPEC was founded in 1960 to coordinate the petroleum policies of its members and to provide member states with technical and economic aid.

Who does OPEC include?

Currently, the Organization comprises 15 Member Countries – namely Algeria, Angola, Congo, Ecuador, Equatorial Guinea, Gabon, IR Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela.

What do you mean by OPEC Reference Basket?

The OPEC Basket is also known as the OPEC Reference Basket (ORB) or the OPEC Reference Basket of Crude. The OPEC Basket is a weighted average of oil prices from the different OPEC members around the world. The main use of the OPEC Basket is setting and achieving OPEC price targets.

How big is OPEC basket of crude oil?

OPEC’s member countries produce in total 40 percent of the world’s oil. The OPEC basket is also known as the OPEC reference basket or the OPEC reference basket of crude (ORB). The OPEC basket has its basis on specific petroleum blends from OPEC member countries and is a weighted average.

What was the OPEC Basket Price in April 2018?

The OPEC Basket Price Today. On April 26, 2018, the ORB stood at $71 per barrel. This price represents a steady rise over the previous month. On March 26, 2018, the ORB was $66.80.

Which is the reference point for OPEC oil prices?

Organization Of Arab Petroleum Exporting Countries is a Kuwaiti-based intergovernmental organization composed of 11 Arab oil-exporting nations. The OPEC basket is a weighted average of oil prices collected from OPEC member countries and is widely used as a reference point for oil prices.