OPEC’s average crude basket price during August 2018 was $72.26 per barrel, a $1.01 increase compared to the July average of $73.27.

 

Here are the prices of various crude oil grades produced by OPEC member countries in July and August.

 

OPEC Basket Prices (USD)

Material

Country

July 2018

August 2018

Variation

Arab Light

Saudi Arabia

74.16

73.38

(0.78)

Basra Light

Iraq

72.02

71.10

(0.92)

Bonny Light

Nigeria

75.06

73.29

(1.77)

Es Sider

Libya

72.43

70.74

(1.69)

Girassol

Angola

74.40

73.20

(1.20)

Iran Heavy

Iran

71.44

70.46

(0.98)

Kuwait Export

Kuwait

72.33

71.82

(0.51)

Qatar Marine

Qatar

73.06

72.45

(0.61)

Merey

Venezuela

70.37

67.38

(2.99)

Murban

UAE

76.00

74.91

(1.09)

Oriente

Ecuador

69.11

69.39

+0.28

Saharan Blend

Algeria

73.93

72.64

(1.29)

 

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

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