Logo of OPEC
The OPEC basket crude oil prices advanced on a monthly basis in November and December 2024, after declining three times in the last four months, according to OPEC Monthly Oil Market Report issued today, Jan. 15.
Data showed that the OPEC basket crude oil price averaged $73.07 a barrel in December 2024, up 0.1% (or $0.09) from $72.98 in the month before.
The following table lists the prices of various crude oil grades produced by OPEC member countries in the past two months:
|
OPEC Basket Prices (November – December 2024) |
||||
|
Material |
Country |
November |
December |
Change |
|
Arabian Light |
Saudi Arabia |
74.47 |
74.56 |
+0.09 |
|
Basrah Medium |
Iraq |
71.73 |
71.87 |
+0.14 |
|
Bonny Light |
Nigeria |
75.38 |
74.22 |
(1.16) |
|
Es Sider |
Libya |
72.00 |
71.90 |
(0.10) |
|
Iran Heavy |
Iran |
72.81 |
73.00 |
+0.19 |
|
Kuwait Export |
Kuwait |
73.56 |
73.70 |
+0.14 |
|
Miri |
Venezuela |
59.58 |
61.13 |
+1.55 |
|
Murban |
UAE |
72.81 |
73.35 |
+0.54 |
|
Saharan Blend |
Algeria |
74.90 |
74.60 |
(0.30) |
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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