The OPEC Reference Basket (ORB) declined for the second successive month in June, falling 0.4%, or $0.37, to average 83.22 per barrel from $83.59 in May.

 

OPEC Reference Basket

 

Material 

 

Country 

 

May 2024 

 

June 2024 

 

Change 

 

 

Arabian Light 

 

Saudi Arabia 

 

85.60

 

85.31

 

(0.29)

 

 

Basrah Medium

 

Iraq 

 

81.58

 

81.96

 

+0.38

 

 

Bonny Light 

 

Nigeria 

 

84.16

 

83.30

 

(0.86)

 

 

Es Sider 

 

Libya 

 

81.27

 

81.15

 

(0.12)

 

 

Iran Heavy 

 

Iran 

 

84.13

 

83.65

 

(0.48)

 

 

Kuwait Export 

 

Kuwait 

 

85.15

 

84.91

 

(0.24)

 

 

Miri 

 

Venezuela 

 

70.55

 

69.23

 

(1.32)

 

 

Murban 

 

UAE 

 

84.10

 

82.51

 

(1.59)

 

 

Saharan Blend 

 

Algeria 

 

82.07

 

82.55

 

+0.48

 
 

Prices of various raw materials are determined by their quality against standard materials such as Brent, West Texas, and Dubai Crude.

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