• OPEC Crude Oil Worth Statistics Yearly 1960-2017
This statistic depicts the average annual oil worth for selected OPEC crude oils from 1960 and 2017. In 2016, the typical annual oil value oil refining process ppt per barrel was 40.68 U.S. dollars. The abbreviation OPEC stands for Group of the Petroleum Exporting International locations. Refinery The following nations are members of oil refining process ppt the organization: Algeria, Angola, Ecuador, Gabon, Iraq, Iran, Qatar, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates.
OPEC crude oil prices
OPEC is the abbreviation for “Organization of the Petroleum Exporting Countries”. The following international locations are members of this organization: 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 insurance policies of its member states. The OPEC was founded in 1960 in Baghdad, Iraq.
The OPEC crude oil value is defined by the price of the so-known as OPEC (Reference) Basket. This basket is a median of prices of the various petroleum blends which are produced by the OPEC members. A few of these oil blends are, for instance: Saharan Mix from Algeria, Basra Gentle from Iraq, Arab Light from Saudi Arabia, BCF 17 from Venezuela, et cetera. By increasing and reducing its oil manufacturing, OPEC tries to keep the price between given maxima and minima.
The OPEC Basket is without doubt one of the most important benchmarks for crude oil costs worldwide. The most important benchmarks are UK Brent, West Texas Intermediate (WTI), and Dubai Crude (Fateh). As a result of there are lots of sorts and grades of oil, such benchmarks are indispensable for referencing them on the worldwide oil market.