19 / 32
Volume
45
Issue
3
19
* 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”. As of June 2018, the basket includes the Congolese crude “Djeno”. As of January 2019: The basket price
excludes the Qatari crude “Qatar Marine”.
Table (3)
in the annex show spot prices for OPEC basket and other crudes for the
period 2017-2019.
1-2 Spot Prices of Petroleum Products
- US Gulf
In January 2019, the spot prices of premium gasoline increased by 1.4% or
$0.9/bbl comparing with their previous month levels to reach $63.2/bbl,
spot prices of gas oil increased by 4% or $2.7/bbl to reach $70.2/bbl, and
spot prices of fuel oil increased by 6.4% or $3.3/bbl to reach $54.9/bbl.
Figure - 2
Table 1
Table (1)
and
figure (2)
show the change in the price of the OPEC basket versus
last month and the corresponding month of last year:
Change in Price of the OPEC Basket of Crudes, 2018-2019
($/bbl)
Change in the Price of the OPEC Basket of Crudes, 2018-2019
($/bbl)
Jan.
2018 Feb.
Mar.
Apr.
May June July Aug.
Sep.
Oct.
Nov.
Dec.
Jan.
2019
OPEC Basket
Price
66.9 63.5 63.8 68.4 74.1 73.2 73.3 72.3 77.2 79.4 65.3 56.9 58.7
Chamge From
previous
Month
4.8
-3.4
0.3 4.7 5.7
-0.9
0.1
-1.0
4.9 2.2 -14.1
-8.4 1.8
Change from same
month of previous
Year
14.5 10.1 13.4 17.1 24.9 28.0 26.4 22.7 23.7 23.9 4.6
-5.2 -8.2