OPEC's average basket price down for first time in 5 months

11/06/2024 Argaam

The OPEC Reference Basket (ORB) declined for the first time in five months in May, falling 6.2%, or $5.53, to average 83.59 per barrel from $89.12 in April.

 

OPEC Reference Basket

Material

Country

April 2024

May 2024

Change

Arabian Light

Saudi Arabia

90.64

85.60

(5.04)

Basrah Light

Iraq

87.01

81.58

(5.43)

Bonny Light

Nigeria

93.17

84.16

(9.01)

Es Sider

Libya

89.34

81.27

(8.07)

Iran Heavy

Iran

88.79

84.13

(4.66)

Kuwait Export

Kuwait

89.76

85.15

(4.61)

Miri

Venezuela

74.91

70.55

(4.36)

Murban

UAE

89.19

84.10

(5.09)

Saharan Blend

Algeria

90.79

82.07

(8.72)

 

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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