• OPEC Crude Oil Price Statistics Yearly 1960-2017
This statistic depicts the common annual oil value for chosen OPEC crude oils from 1960 and 2017. In 2016, the typical annual oil worth per barrel was forty.Sixty eight U.S. dollars. The abbreviation OPEC stands for Group of the Petroleum Exporting Nations. The following international locations are members of 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 next nations are members of this group: Algeria, Angola, Ecuador, Gabon, Iraq, Iran, Qatar, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. The intention 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 value is outlined by the price of the so-called OPEC (Reference) Basket. This basket is a mean of prices of the varied petroleum blends that are produced by the OPEC members. A few of these oil blends are, for example: Saharan Mix from crude oil prices up Algeria, Basra Mild from Iraq, Arab Mild from Saudi Arabia, BCF 17 from Venezuela, et cetera. By increasing and lowering its oil production, OPEC tries to keep the worth between given maxima and minima.
The OPEC Basket is without doubt one of the most significant benchmarks for crude oil costs worldwide. The most important benchmarks are UK Brent, West Texas Intermediate (WTI), and Dubai Crude (Fateh). Because there are a lot of types and grades crude oil prices up of oil, such benchmarks are indispensable for referencing them on the global oil market.