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• OPEC Crude Oil Price Statistics Annually 1960-2017

This statistic depicts the average annual oil worth for selected OPEC crude oils from natural gas and carbon monoxide 1960 and 2017. In 2016, the common annual oil value per barrel was forty.Sixty eight U.S. dollars. The abbreviation OPEC stands for Group of the Petroleum Exporting Countries. The next nations are members of the group: Algeria, Angola, Ecuador, Gabon, Iraq, Iran, Qatar, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates.
OPEC crude oil costs

OPEC is the abbreviation for “Organization of the Petroleum Exporting Countries”. The following countries are members of this group: Algeria, Angola, Ecuador, Gabon, Iraq, Iran, Qatar, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. The goal of the OPEC is to coordinate the oil policies of its member states. The OPEC was founded in 1960 in Baghdad, Iraq.

The OPEC crude oil price is outlined by the price of the so-called OPEC (Reference) Basket. This basket is an average of costs of the varied petroleum blends which are produced natural gas and carbon monoxide by the OPEC members. A few of these oil blends are, for example: Saharan Mix from Algeria, Basra Light from Iraq, Arab Gentle from Saudi Arabia, BCF 17 from Venezuela, et cetera. By rising and reducing its oil production, OPEC tries to maintain the price between given maxima and minima.

The OPEC Basket is without doubt one of the most vital benchmarks for crude oil costs worldwide. A very powerful benchmarks are UK Brent, West Texas Intermediate (WTI), and Dubai Crude (Fateh). Because there are a lot of sorts and grades of oil, such benchmarks are indispensable for referencing them on the worldwide oil market.