OPEC Basket Price Today

The OPEC Reference Basket (ORB) is a weighted average of oil prices from crude streams produced by the 13 OPEC member nations. Introduced in 2005, the basket replaced earlier single-crude benchmarks to better reflect the diverse quality of OPEC output. Current basket components include crudes such as Arab Light (Saudi Arabia), Bonny Light (Nigeria), Girassol (Angola), and Iran Heavy, among others. OPEC — the Organization of the Petroleum Exporting Countries — was founded in 1960 and collectively controls approximately 30% of global oil production and holds about 80% of the world's proven reserves. The expanded OPEC+ alliance, which includes Russia and other non-OPEC producers, coordinates production quotas that directly impact global supply and prices. OPEC ministerial meetings, typically held every six months, are among the most market-moving events in the energy sector.