The OPEC Reference Basket (ORB) declined for the first time in five months in May, falling 6.2%, or $5.53, to average 83.59 per barrel from $89.12 in April.
|
OPEC Reference Basket |
||||
|
Material |
Country |
April 2024 |
May 2024 |
Change |
|
Arabian Light |
Saudi Arabia |
90.64 |
85.60 |
(5.04) |
|
Basrah Light |
Iraq |
87.01 |
81.58 |
(5.43) |
|
Bonny Light |
Nigeria |
93.17 |
84.16 |
(9.01) |
|
Es Sider |
Libya |
89.34 |
81.27 |
(8.07) |
|
Iran Heavy |
Iran |
88.79 |
84.13 |
(4.66) |
|
Kuwait Export |
Kuwait |
89.76 |
85.15 |
(4.61) |
|
Miri |
Venezuela |
74.91 |
70.55 |
(4.36) |
|
Murban |
UAE |
89.19 |
84.10 |
(5.09) |
|
Saharan Blend |
Algeria |
90.79 |
82.07 |
(8.72) |
Prices of various raw materials are determined by their quality against standard materials such as Brent, West Texas, and Dubai Crude.
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