OPEC Basket Price (OPEC Reference Basket)
The OPEC basket price is the price of the OPEC Reference Basket (ORB), a weighted average of export crudes from OPEC member countries. The OPEC Secretariat publishes it each working day for the previous day. It is a reference statistic, not a traded contract. In June 2025 the basket contained twelve crudes, one from each member.
Which crudes are in the OPEC basket?
The basket is designed to include one representative export grade from each member country. OPEC's daily basket announcement of 12 June 2025 listed these twelve crudes:
| Crude | Country | Export region | Loads inside the Strait of Hormuz? |
|---|---|---|---|
| Saharan Blend | Algeria | Mediterranean | No |
| Djeno | Congo | West Africa | No |
| Zafiro | Equatorial Guinea | West Africa | No |
| Rabi Light | Gabon | West Africa | No |
| Iran Heavy | Iran | Arabian Gulf | Yes |
| Basrah Medium | Iraq | Arabian Gulf | Yes |
| Kuwait Export | Kuwait | Arabian Gulf | Yes |
| Es Sider | Libya | Mediterranean | No |
| Bonny Light | Nigeria | West Africa | No |
| Arab Light | Saudi Arabia | Arabian Gulf and Red Sea | Mostly (Red Sea loadings at Yanbu bypass it) |
| Murban | UAE | Gulf of Oman (Fujairah) | No |
| Merey | Venezuela | Caribbean | No |
Source: OPEC daily basket press release, 12 June 2025 ("OPEC basket of twelve crudes"). The UAE left OPEC on 1 May 2026. We could not confirm whether OPEC has since removed Murban from the basket; check opec.org for the current list.
How the basket has changed
The composition follows OPEC's membership. Before 16 June 2005 the basket held seven crudes: Saharan Blend, Minas (Indonesia), Bonny Light, Arab Light, Dubai's Fateh, Isthmus (Mexico) and Tia Juana Light (Venezuela). It was then widened to cover a grade from every member. Since then grades have been added or dropped as countries joined or left OPEC. For example, Ecuador's Oriente, Angola's Girassol and Qatar Marine were removed after those countries left. Iraq's grade changed from Basrah Light to Basrah Medium.
The biggest recent change is the UAE's exit from OPEC and OPEC+, announced on 28 April 2026 and effective 1 May 2026. Angola's exit at the start of 2024 had left OPEC with twelve members. The UAE's departure cuts that to eleven, and Murban no longer represents a member country. The OPEC+ guide covers what the exit means for quotas.
How the basket price is calculated
OPEC describes the ORB as a weighted average of the prices of its component crudes. Each component is valued from its market price, which for most grades is set as a differential to Brent, Dubai/Oman or another benchmark, depending on where the crude is sold. OPEC does not publish the daily weights in its press releases. The result is published in US dollars per barrel the next working day. For example, the basket was $67.47/bbl on 11 June 2025, according to OPEC.
Because the basket mixes light sweet African grades with medium and heavy sour Gulf and Venezuelan crude, its average quality is heavier and more sulfurous than Brent. Learn why that matters in sweet vs sour crude.
OPEC basket vs Brent
| OPEC basket | Brent | Dubai | |
|---|---|---|---|
| What it is | Weighted average of member export grades | North Sea basket plus WTI Midland, with ICE futures | Middle East medium sour marker |
| Who sets it | OPEC Secretariat | Platts (Dated) and ICE (futures) | Platts |
| Can you trade it? | No | Yes, futures and options | Yes, swaps and partials; Oman futures |
| Quality | Mixed, heavier and more sour on average than Brent | Light sweet | Medium sour |
| Published | Daily, for the previous day | Real time (futures) | Daily |
| Main use | Monitoring, OPEC analysis and reports | Pricing most seaborne crude | Pricing Gulf crude sold to Asia |
In normal markets the basket trades close to Brent, usually a little below it because of the quality gap. The relationship can break down when one region is disrupted. In March 2026, after Hormuz traffic stopped, the IEA reported that Gulf grades loading inside the Strait could barely be shipped, while grades loading elsewhere traded at record premiums. A basket in which four of the twelve grades load inside the Gulf blends those extremes into a single number, so it says little about any individual cargo. For live prices, use the Brent crude oil price or WTI crude oil price pages.
What the basket is used for
- Market monitoring. OPEC's Monthly Oil Market Report uses the ORB as its headline price.
- Historical policy. From 2000 OPEC used a $22–$28/bbl price band based on the basket to guide output changes. It suspended the band in January 2005.
- Analysis. Analysts use it as a rough guide to the average price OPEC members receive, though actual export prices depend on each grade's OSP and buyer.
Where to find the OPEC basket price
OPEC publishes the daily value on opec.org and in a press release each working day, usually covering the previous trading day. Monthly and annual averages appear in the OPEC Monthly Oil Market Report and the Annual Statistical Bulletin. The basket is not available as a live quote. For the benchmarks it is built from, see the crude oil benchmarks guide and the Dubai crude oil price page.
OPEC basket price FAQ
What is the OPEC basket price?
It is the price of the OPEC Reference Basket, a weighted average of export crudes produced by OPEC member countries. The OPEC Secretariat publishes it in US dollars per barrel each working day for the previous day. It is used as a market reference and in OPEC reports but cannot be traded.
How many crudes are in the OPEC basket?
OPEC's June 2025 announcement listed twelve crudes, one per member country at the time. The UAE left OPEC on 1 May 2026, so its Murban grade no longer represents a member. Check opec.org for the latest composition, which changes whenever membership changes.
Why is the OPEC basket usually cheaper than Brent?
The basket includes several heavy or high-sulfur crudes, such as Iran Heavy, Basrah Medium and Venezuela's Merey. These yield fewer high-value fuels and cost more to refine than light sweet Brent. As a result, the basket average normally sits slightly below Brent in stable markets.
Can I trade the OPEC basket price?
No. There is no futures contract or ETF on the OPEC Reference Basket. Traders who want oil price exposure use Brent or WTI futures, options or funds instead. The basket is a published statistic that tracks the market rather than a price that sets it.
When was the OPEC Reference Basket introduced?
OPEC has published a basket price for decades. The current form dates from 16 June 2005, when the seven-crude basket was replaced by one that includes a grade from every member country. Its components have changed several times since then as members joined or left.
Related pages
Crude Oil Benchmarks
Guide to the world's crude oil benchmarks: Brent, WTI, Dubai/Oman, Murban, OPEC basket, Urals and WCS, how each is priced and where it is used.
OPEC+
What OPEC+ is, its member countries, how production quotas and voluntary cuts work, compliance, spare capacity and the alliance's effect on oil prices.
Dubai Crude
What Dubai crude is, how Platts assesses Dubai/Oman, the Brent-Dubai spread (EFS) and why it prices most Middle East oil sold to Asia.
Brent Crude Oil Price
Current Brent crude oil price live in USD per barrel, with a real-time chart, ICE Brent contract facts and what is driving today's move.