What the basket represents
Each component stands for a crude stream from an OPEC member. The resulting reference spans light and heavy, sweet and sour grades across Africa, the Middle East and South America.
OPEC Basket oil benchmark and components.
The OPEC Reference Basket is an average of twelve representative crude streams from OPEC member countries. It is a multi-grade reference measured in US dollars per barrel, so it should be read as a basket value rather than the price of one deliverable crude or futures contract.
OPEC Reference Basket annual price.
OPEC’s Annual Statistical Bulletin reports the nominal annual average in US dollars per barrel. The chart preserves the basket value for each year and does not splice it to Brent or WTI.
Current components12 crude streams
MeasureBasket average
CurrencyUS dollars
UnitPer barrel
USD per barrel. Source: OPEC Annual Statistical Bulletin 2026. Delay: 9 months ago
| Period | OPEC Basket · USD per barrel |
|---|---|
| 2025 | 69.59 |
| 2024 | 79.89 |
| 2023 | 82.95 |
| 2022 | 100.08 |
| 2021 | 69.89 |
| 2020 | 41.47 |
| 2019 | 64.04 |
How to read the OPEC Basket benchmark.
How to read it
The basket is useful for following the broad value of OPEC member crude streams. It is not an executable trade in one location, and it is not interchangeable with a Brent or WTI futures settlement.
Why composition history matters
Membership and representative grades have changed. Angola’s Girassol left the basket in January 2024, while Iraq’s Basrah Medium replaced Basrah Light in 2022. Long comparisons should use the composition that applied in each period.
The twelve OPEC Reference Basket components.
The table shows each current representative stream and its 2025 annual average from OPEC’s 2026 statistical bulletin. The component values explain the range inside the basket; they are not weights for constructing your own replacement series.
| Representative crude | Member country | 2025 average · USD/barrel |
|---|---|---|
| Saharan Blend | Algeria | 69.70 |
| Djeno | Congo | 61.52 |
| Zafiro | Equatorial Guinea | 70.23 |
| Rabi Light | Gabon | 68.51 |
| Iran Heavy | Iran | 69.87 |
| Basrah Medium | Iraq | 69.05 |
| Kuwait Export | Kuwait | 70.34 |
| Es Sider | Libya | 68.48 |
| Bonny Light | Nigeria | 69.97 |
| Arab Light | Saudi Arabia | 71.15 |
| Murban | United Arab Emirates | 69.76 |
| Merey | Venezuela | 55.73 |
Composition changes alter the meaning of a long chart
- Basrah Medium replaced Basrah Light from January 2022.
- Angola’s Girassol left the basket from January 2024.
- Earlier changes include additions and removals tied to OPEC membership and representative grades.
Continue with crude quality and company research.
The shared research lives on dedicated pages, so this benchmark page can stay focused on its own price, definition and market role.
Light, heavy, sweet and sour crude Compare density and sulfur across North America, the North Sea, the Middle East and Africa. Open the crude-quality map
Listed oil companies Find producers, refiners and pipeline operators by region, with verified exchange codes and delayed share charts. Open the company directory
Understand OPEC Reference Basket.
OPEC →Benchmark specification
- Region
- Twelve OPEC member crude streams
- Quality / composition
- Basket of light, medium and heavy crude oils
- Price type
- Basket reference
Reading the series
Basket composition can change over time. Interpret long-term comparisons using the methodology and membership applicable to each period. Its difference from Brent or WTI reflects both grade mix and market conditions.
Timing and drivers
The chart uses OPEC annual nominal basket averages. OPEC publishes higher-frequency values separately.
Watch: Component crude values, member composition, regional differentials and global crude conditions.
Questions about the OPEC Reference Basket benchmark.
How many crude oils are in the OPEC Reference Basket?
The current basket contains twelve representative crude streams, one for each OPEC member listed on OPEC’s basket page.
Is the OPEC Basket the same as OPEC+?
No. The basket is a price reference made from OPEC member crude streams. OPEC+ is a wider cooperation framework that includes additional producing countries.
Is the OPEC Basket a futures contract?
No. It is a calculated basket reference. Brent and WTI futures are separately specified contracts with delivery months and exchange rules.
Why can the basket change?
OPEC updates components when membership or representative crude streams change. That makes composition notes essential when comparing long periods.
Primary sources and methodology.
- OPEC Reference Basket composition and history
- OPEC Annual Statistical Bulletin 2026
- OPEC Annual Statistical Bulletin 2025 tables
See the price-chart.com methodology for units, timestamps, period averages and update rules.
Explore related oil benchmarks.
Move from this benchmark to daily WTI and Brent price histories, Dubai monthly history or another regional reference.
Murban United Arab Emirates · Light crude · 40.5° gravity · 0.79% sulfur Official export availability forecast