TheOPEC Reference Basket (ORB), also referred to as theOPEC Basket, is aweighted average of prices forpetroleum blends produced byOPEC members. It is used as an importantbenchmark for crude oil prices. OPEC has often attempted to keep the price of the OPEC Basket between upper and lower limits, by increasing and decreasing production. This makes the measure important for market analysts. The OPEC Basket, including a mix of light and heavycrude oil products, is heavier than bothBrent crude oil, andWest Texas Intermediate crude oil.
Since January 1, 2017, the OPEC reference basket consists of a weighted average of the following crudes:[1]
Prior to June 16, 2005, the OPEC Basket did not include petroleum blends from all OPEC members. The earlier basket consisted of seven crudes:[2][3]
