OPEC Basket Crude Price

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OPEC Basket Crude

May 28, 2020
28.45
   0.58 Dollar per Barrel
 
 
 
Source: OPEC
Crude Oil Prices

Brent Crude

33.98
 
1.25
May 28, 2020

WTI Crude

33.67
 
0.87
May 28, 2020
 
 

OPEC Basket

28.45
 
0.58
May 28, 2020

Indian Basket

33.36
 
21.27
Mar 2020
Source: EIA, OPEC, PPAC

Chart of OPEC Basket Crude Prices - Daily/ Weekly/ Monthly/ Yearly

Source: Organization of the Petroleum Exporting Countries

OPEC Basket Crude Prices

OPEC Basket Crude price on May 28, 2020 stood at 28.45 Dollar per Barrel. This represents a decrease in the price of OPEC Basket Crude by 0.58 Dollar per Barrel from it's last day price of US$29.03/barrel on May 27, 2020.

In the 52 week period, the price of OPEC Basket Crude touched a high of 70.87 Dollar per Barrel on Jan 06, 2020 and recorded a low of 12.22 Dollar per Barrel on Apr 22, 2020.

OPEC Basket Crude Price Comparision

Price Week
ago
Month
ago
1 Year
ago
5 Years
ago
10 Years
ago
28.45
28 May 2020
29.70
21 May 2020
12.41
28 Apr 2020
68.84
28 May 2019
59.33
28 May 2015
70.62
28 May 2010
Dollar per Barrel

OPEC Basket Crude Daily Price Trend

OPEC Basket Crude
DATE PRICE CHANGE % CHANGE
May 28, 2020 28.45 -0.58   2.00%
May 27, 2020 29.03 -0.72   2.42%
May 26, 2020 29.75 +1.69   6.02%
May 22, 2020 28.06 -1.64   5.52%
May 21, 2020 29.70 +1.02   3.56%
May 20, 2020 28.68 +0.25   0.88%
May 19, 2020 28.43 +0.22   0.78%
  (Dollar per Barrel) Source: OPEC

OPEC Basket Crude Monthly Average Price Trend

OPEC Basket Crude Monthly Average Price Trend Chart

OPEC Basket Crude Yearly Average Price Trend

OPEC Basket Crude Yearly Average Price Trend


OPEC Basket Crude

The new OPEC Reference Basket (ORB), introduced on 16 June 2005, is currently made up of the following:

  1. Saharan Blend (Algeria);
  2. Girassol (Angola);
  3. Oriente (Ecuador);
  4. Zafiro (Equatorial Guinea);
  5. Rabi Light (Gabon);
  6. Iran Heavy (Islamic Republic of Iran);
  7. Basra Light (Iraq);
  8. Kuwait Export (Kuwait);
  9. Es Sider (Libya);
  10. Bonny Light (Nigeria);
  11. Qatar Marine (Qatar);
  12. Arab Light (Saudi Arabia);
  13. Murban (UAE) and
  14. Merey (Venezuela)

OPEC Reference Basket (ORB) represent the main export crudes of all Member Countries, weighted according to production and exports to the main markets. The API gravity for the new OPEC Reference Basket is 32.7º and the sulphur content of the new Reference Basket 1.77% (OPEC Press Release, Jun 2005).


Volatility in OPEC Basket Crude Prices

  Last 30 Days Last 6 Mths Last 1 Year
Min 12.41 12.22 12.22
Max 29.75 70.87 70.87
Average 23.60 44.24 53.48
Volatility 21.36% 45.19% 31.13%
(Dollar per Barrel)

  • I think, for OPEC, the main challenge is to have a price level which brings good profits to them, good incentives for the investments, but at the same time, to prevent prices going to very high levels.

  • ~ Fatih Birol


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Historical Price of
 in

Select Date

OPEC Basket Crude
(Dollar per Barrel)

28.45

DATE PRICE   CHANGE
May 28, 2020     28.45        0.58
May 27, 2020     29.03        0.72
May 26, 2020     29.75        1.69
May 22, 2020     28.06        1.64
May 21, 2020     29.70        1.02
May 20, 2020     28.68        0.25
May 19, 2020     28.43        0.22
May 18, 2020     28.21        1.67
May 15, 2020     26.54        1.61
May 14, 2020     24.93        1.68
May 13, 2020     23.25        0.42
May 12, 2020     22.83        0.12
May 11, 2020     22.71        0.50
May 08, 2020     22.21        0.70
May 07, 2020     22.91        0.51
May 06, 2020     22.40        0.97
May 05, 2020     21.43        3.07
May 04, 2020     18.36        1.84
May 01, 2020     16.52        1.53
Apr 30, 2020     18.05        3.69
Apr 29, 2020     14.36        1.95
Apr 28, 2020     12.41        0.89
Apr 27, 2020     13.30        1.01
Apr 24, 2020     14.31        0.92
Apr 23, 2020     15.23        3.01
Apr 22, 2020     12.22        2.41
Apr 21, 2020     14.63        0.44
Apr 20, 2020     14.19        3.98
Apr 17, 2020     18.17        0.44
Apr 16, 2020     17.73        0.22