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What is the OPEC Basket?
The OPEC basket, or OPEC reference basket, refers to the weighted mean or average of oil prices that OPEC member countries throughout the world maintain. The basket refers generally to a standard or set reference point for countries that analyze the oil prices and the consistency of the international oil market.
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How does the OPEC Basket Work?
The OPEC basket considers weighted average as a basis for particular petroleum blends.There are some OPEC oils that have more sulfur content as compared to crude oils from other nations.
Here are some of the crude oil indices:
- West Texas Intermediate (WTI) crude oil
- The Brent blend, refined in Northwestern Europe