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OPEC Crude Oil Prices Oil producers market more than 160 unique crude oils today, each varying from light to heavy, with different sulfur levels and other chemical attributes that affect price and market. Only a few individual crudes—particularly Brent and West Texas Intermediate (WTI)—serve as industry benchmarks. The OPEC Reference Basket (ORB) is another common benchmark.The ORB represents a weighted average of prices for the petroleum blends produced by the 14 member states of the Organization of the Petroleum Exporting Countries (OPEC). The members are: Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela. Commonly referenced crudes in the basket include Nigerian...
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