Basket price
The basket price is the average price for crude oil from currently 13 important types. It was introduced in 1986 by the cartel of the Organization of Petroleum Exporting Countries ( OPEC ) and means something like a base value for the global oil trade.
The oil type Brent, by far the most important in Europe (from the Brent oil field in the North Sea, also known as North Sea oil ) is not part of the "basket", but still represents a kind of benchmark for the global crude oil market . The two youngest oil types in the basket come from Angola and Ecuador: When Angola joined OPEC on January 1, 2007, it was decided on September 10, 2007 to add the Angolan oil "Girassol" to the basket retrospectively from the day of accession. And on March 10, 2008, “Oriente” from Ecuador was added, retroactive to October 19, 2007.
The contents of the basket
The basket price is determined from the following 13 types of crude oil:
| Type of crude oil | Sulfur content | API level | Country of origin | region |
|---|---|---|---|---|
| Saharan blend | 0.11 | 43.6 | Algeria | Africa |
| Girassol | 0.35 | 30.2 | Angola | Africa |
| It sider | 0.27 | 37 | Libya | Africa |
| Bonny Light | 0.14 | 35.4 | Nigeria | Africa |
| Basra Light | 1.95 | 33.7 | Iraq | middle East |
| Iran Heavy | 1.77 | 30.2 | Iran | middle East |
| Kuwait export | 2.55 | 32.4 | Kuwait | middle East |
| Qatar Navy | 1.6 | 36.2 | Qatar | middle East |
| Arab Light | 1.78 | 34 | Saudi Arabia | middle East |
| Murban | 0.79 | 40.4 | United Arab Emirates | middle East |
| Oriente | Ecuador | South America | ||
| BCF 17 | 2.53 | 16.5 | Venezuela | South America |
| Minas | 0.08 | 35 | Indonesia | South East Asia |