The OPEC Reference Basket (ORB), also referred to as the OPEC Basket is a weighted average of prices for petroleum blends produced by OPEC countries. It is used as an important benchmark for crude oil prices. Logo The Organization of the Petroleum Exporting Countries (OPEC) is an international organization made up of Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. ... Pumpjack pumping an oil well near Sarnia, Ontario Ignacy Łukasiewicz - inventor of the refining of kerosene from crude oil. ... Crude oil price Benchamrks were first introduced in the mid 1980s. ...

The Reference Basket currently consists of a weighted average of the following blends of oil:

• Saharan Blend (from [[Algeria])
• Minas (from Indonesia)
• Iran Heavy (from Islamic Republic of Iran)
• Basra Light (from Iraq)
• Kuwait Export (from Kuwait)
• Es Sider (from Libya)
• Bonny Light (from Nigeria)
• Qatar Marine (from Qatar)
• Arab Light (from Saudi Arabia)
• Murban (from UAE)
• BCF 17 (from Venezuela)

Prior to June 15, 2005, the OPEC Basket consisted of the following: Bonny Light oil is a grade of crude oil produced in the Bonny region of Nigeria. ... UAE redirects here; for other uses of that term, see UAE (disambiguation) The United Arab Emirates is an oil-rich country situated in the south-east of the Arabian Peninsula in Southwest Asia, comprising seven emirates: Abu Dhabi, Ajman, Dubai, Fujairah, Ras al-Khaimah, Sharjah and Umm al-Quwain. ...

• Arab Light (from Saudi Arabia)
• Bonny Light (from Nigeria)
• Fateh (from Dubai)
• Isthmus (from Mexico, a non-OPEC country)
• Minas (from Indonesia)
• Saharan Blend (from Algeria)
• Tia Juana Light (from Venezuela)

However, on June 15, 2005 the OPEC basket was changed to reflect the characteristics of the oil produced by OPEC members. Bonny Light oil is a grade of crude oil produced in the Bonny region of Nigeria. ... Coordinates: Emirate Dubai Sheikh Mohammed bin Rashid Al Maktoum Area    - City 4,114 km² Population    - City (2006) 1,241,000[1]  - Density 293. ... Isthmus-34 Light is a crude oil produced in Mexico mainly in the Campeche zone, in the Gulf of Mexico along with the extraction centers on Chiapas, Tabasco and Veracruz. ...

OPEC attempts 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 heavy crudes, is heavier than both Brent crude oil, and WTI crude oil.

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