Opec Basket
Opec Basket Price
| Date | Price US$ per bbl | Price US $ per MT | Long Tons | US Gallons,$ |
|---|---|---|---|---|
| 2023-02-16 | $84 | 614 | 624 | 1.99 |
| 2023-02-15 | $83 | 608 | 618 | 1.97 |
| 2023-02-14 | $84 | 618 | 629 | 2.01 |
| 2023-02-13 | $84 | 617 | 628 | 2.01 |
| 2023-02-10 | $84 | 612 | 623 | 1.99 |
| 2023-02-09 | $83 | 607 | 617 | 1.97 |
| 2023-02-08 | $82 | 600 | 610 | 1.95 |
| 2023-02-07 | $81 | 590 | 600 | 1.92 |
| 2023-02-06 | $78 | 573 | 583 | 1.86 |
| 2023-02-03 | $79 | 582 | 591 | 1.89 |
| 2023-02-02 | $80 | 590 | 599 | 1.91 |
| 2023-02-01 | $83 | 607 | 617 | 1.97 |
| 2023-01-31 | $82 | 601 | 611 | 1.95 |
| 2023-01-30 | $83 | 612 | 622 | 1.99 |
| 2023-01-27 | $85 | 625 | 636 | 2.03 |
| 2023-01-26 | $84 | 619 | 629 | 2.01 |
| 2023-01-25 | $85 | 622 | 632 | 2.02 |
| 2023-01-24 | $85 | 626 | 637 | 2.03 |
| 2023-01-19 | $83 | 605 | 615 | 1.97 |
| 2023-01-18 | $85 | 620 | 630 | 2.01 |
| 2023-01-17 | $83 | 611 | 621 | 1.98 |
| 2023-01-16 | $82 | 603 | 613 | 1.96 |
| 2023-01-13 | $82 | 600 | 610 | 1.95 |
| 2023-01-12 | $81 | 592 | 601 | 1.92 |
| 2023-01-11 | $78 | 573 | 583 | 1.86 |
| 2023-01-10 | $77 | 564 | 574 | 1.83 |
| 2023-01-09 | $78 | 569 | 578 | 1.85 |
| 2023-01-06 | $76 | 558 | 567 | 1.81 |
| 2023-01-04 | $77 | 564 | 573 | 1.83 |
| 2022-12-30 | $81 | 596 | 606 | 1.94 |
Opec Basket Historical price
- In 2017 maximum price $64 per bbl (2017-12-29)
- In 2018 maximum price $54 per bbl (2018-12-20)
- In 2019 maximum price $68 per bbl (2019-12-31)
- In 2020 maximum price $50 per bbl (2020-12-31)
- In 2021 maximum price $78 per bbl (2021-12-31)
- In 2022 maximum price $81 per bbl (2022-12-30)
- In 2023 maximum price $84 per bbl (2023-02-16)
OPEC Basket Crude Oil: Understanding the Key Drivers Behind Its Price
Crude oil is one of the most valuable and sought-after commodities in the world, and the price of OPEC Basket crude oil, in particular, has a major impact on the global economy. The OPEC Basket crude oil price is determined by a number of factors, including supply and demand dynamics, geopolitical tensions, and economic conditions. In this article, we will delve into the key drivers behind the price of OPEC Basket crude oil, and why it is such an important commodity to understand.
Understanding the OPEC Basket Crude Oil
The OPEC Basket crude oil is a benchmark that represents the average price of crude oil produced by the 14 countries that make up the Organization of the Petroleum Exporting Countries (OPEC). The basket is calculated using a weighted average of the prices of various crude oils, including Brent, Dubai, and West Texas Intermediate (WTI). This benchmark is used by OPEC to monitor the performance of its member countries and the global oil market.
Supply and Demand Dynamics
One of the main drivers of the price of OPEC Basket crude oil is the supply and demand dynamic in the global oil market. When the demand for crude oil is high and the supply is limited, the price of crude oil tends to increase. Conversely, when demand is low and supply is abundant, the price of crude oil tends to decrease. The supply and demand dynamic is influenced by a number of factors, including economic growth, global oil consumption, and oil production levels.
Geopolitical Tensions
Geopolitical tensions, such as conflicts and tensions between oil-producing countries, can also have a major impact on the price of OPEC Basket crude oil. For example, if a major oil-producing country experiences political instability or a change in leadership, it can cause uncertainty in the global oil market, leading to fluctuations in the price of crude oil. Additionally, tensions between countries can result in the disruption of oil supplies, leading to a shortage of oil and an increase in its price.
Economic Conditions
Economic conditions can also play a role in the price of OPEC Basket crude oil. For example, if a major oil-consuming country is experiencing economic growth, it can increase the demand for crude oil, leading to an increase in its price. Conversely, if a country is experiencing an economic slowdown, it can decrease the demand for crude oil, leading to a decrease in its price. The health of the global economy, as well as the health of specific economies, can therefore have a major impact on the price of OPEC Basket crude oil.
Conclusion
In conclusion, the price of OPEC Basket crude oil is determined by a complex interplay of supply and demand dynamics, geopolitical tensions, and economic conditions. Understanding these key drivers is essential for anyone who wants to keep a close eye on the global oil market, as changes in the price of OPEC Basket crude oil can have far-reaching implications for the global economy. Whether you are an oil trader, an investor, or simply someone who is interested in global economic trends, keeping a close eye on the price of OPEC Basket crude oil is a must.
Frequently Asked Questions (FAQs)
Here are some common questions and answers related to OPEC Basket crude oil:
What is the current price of OPEC Basket crude oil?
The current price of OPEC Basket crude oil is constantly changing, as it is influenced by a number of factors such as global oil demand, supply, and geopolitical tensions. You can check the current price of OPEC Basket crude oil on various financial news websites.
Which countries are included in the OPEC Basket crude oil calculation?
The OPEC Basket crude oil is calculated using a weighted average of the prices of various crude oils produced by the 14 member countries of the Organization of the Petroleum Exporting Countries (OPEC). These countries include Algeria, Angola, Congo, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates, Venezuela, and Gabon.
What is the difference between OPEC and OPEC Basket crude oil?
OPEC is an intergovernmental organization that aims to coordinate and unify the petroleum policies of its member countries. On the other hand, OPEC Basket crude oil is a benchmark that represents the average price of crude oil produced by the 14 OPEC member countries. OPEC uses the OPEC Basket crude oil price as a reference to monitor the performance of its member countries and the global oil market.
How does the price of OPEC Basket crude oil affect the global economy?
The price of OPEC Basket crude oil has a major impact on the global economy, as it influences the price of many other goods and services that rely on oil as a raw material or energy source. For example, high oil prices can increase transportation costs, leading to higher prices for goods and services. This can lead to inflation and slower economic growth, especially in countries that rely heavily on oil imports.
How can I invest in OPEC Basket crude oil?
Individual investors can invest in OPEC Basket crude oil through exchange-traded funds (ETFs) or futures contracts. However, investing in crude oil can be risky, as the price can be volatile and subject to sudden changes. It is important to do your own research and consult with a financial advisor before investing in OPEC Basket crude oil.
Sources of information
If you are interested in learning more about OPEC Basket crude oil, there are many reputable sources of information that you can refer to. Here are a few examples:
- OPEC's official website
- U.S. Energy Information Administration
- Reuters news agency
- Bloomberg news agency
- Oil Price news agency
These sources provide up-to-date information on the price of OPEC Basket crude oil, as well as insights into the factors that affect global oil prices. It is important to use reliable sources when conducting research, in order to ensure the accuracy and validity of the information you are using.
In conclusion, OPEC Basket crude oil is a key benchmark for the global oil market, representing the average price of crude oil produced by the 14 member countries of the Organization of the Petroleum Exporting Countries (OPEC). The price of OPEC Basket crude oil has a significant impact on the global economy, as it affects the prices of many goods and services that rely on oil as a raw material or energy source. By using reliable sources of information and staying up-to-date on the latest developments in the global oil market, you can make informed decisions about investing in OPEC Basket crude oil or other energy-related assets.
