OPEC's basket price stood at $79 per barrel on average in December, down by 7%, or $5.92, compared to $84.92 per barrel a month earlier, according to OPEC Monthly Oil Market Report for November and December 2023.
Meanwhile, OPEC’s average basket price for 2023 fell 17.1%, or $17.13, to SAR 82.95 per barrel from SAR 100.08 per barrel in 2022.
Prices are determined in terms of quality, in line with other benchmarks like Brent, WTI, and Dubai.
|
OPEC Basket Prices (November & December 2023) |
||||
|
Material |
Country |
November 2023 |
December 2023 |
Change |
|
Arabian Light |
Saudi Arabia |
87.30 |
81.27 |
(6.03) |
|
Basrah Medium |
Iraq |
83.80 |
77.64 |
(6.16) |
|
Bonny Light |
Nigeria |
86.18 |
79.81 |
(6.37) |
|
Es Sider |
Libya |
83.35 |
77.78 |
(5.57) |
|
Girassol |
Angola |
83.22 |
78.88 |
(4.34) |
|
Iran Heavy |
Iran |
85.00 |
79.06 |
(5.94) |
|
Kuwait Export |
Kuwait |
86.30 |
80.11 |
(6.19) |
|
Miri |
Venezuela |
70.74 |
65.23 |
(5.51) |
|
Murban |
UAE |
83.33 |
77.68 |
(5.65) |
|
Saharan Blend |
Algeria |
84.80 |
78.38 |
(5.97) |
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