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Volume
44
Issue
7
13
* Effective June 16,2005 OPEC replaced its seven-crude basket with one comprised of eleven crudes, one from each member country
(weighted according to production and exports to major markets). Effective 1 January and mid of October 2007, Angola’s Girassol and
Ecuadorian Oriente crudes have been incorporated to become the 12th and 13th crudes comprising the new OPEC Basket. As of Jan.2009,
the basket excludes the Indonesian crude. As of Jan. 2016, the basket price includes the Indonesian crude. As of July 2016, the basket price
includes the Gabonese crude. As of Jan. 2017, the basket excludes the Indonesian crude. As of June 2017 the basket price includes the
Equatorial Guinean crude “Zafiro”.
Table (3)
in the annex show spot prices for OPEC basket and other crudes for the
period 2016-2018.
1-2 Spot Prices of Petroleum Products
- US Gulf
In May 2018, the spot prices of premium gasoline increased by 5.8% or
$5.3/bbl comparing with their previous month levels to reach $96.6/bbl,
and spot prices of gas oil increased by 6.7% or $5.4/bbl to reach $85.5/bbl,
whereas spot prices of fuel oil remained stable at the same previous month
level of $52.6/bbl.
Figure - 2
Table 1
Table (1)
and
figure (2)
show the change in the price of the OPEC basket versus
last month and the corresponding month of last year:
Change in Price of the OPEC Basket of Crudes, 2017-2018
($/bbl)
Change in the Price of the OPEC Basket of Crudes, 2017-2018
($/bbl)
May
2017 June July Aug.
Sep.
Oct.
Nov.
Dec.
Jan.
2018 Feb.
Mar.
Apr.
May
OPEC Basket
Price
49.2 45.2 46.9 49.6 53.4 55.5 60.7 62.1 66.9 63.5 63.8 68.4 74.1
Chamge From
previous
Month
-2.2 -4.0
1.7 2.7 3.8 2.1 5.2 1.3 4.8
-3.4
0.3 4.7 5.7
Change from same
month of previous
Year
6.0
-0.6
4.2 6.5 10.5 7.6 17.5 10.4 14.5 10.1 13.4 17.1 24.9