OPEC Crude Basket
The new OPEC crude basket consists of 12 crudes from each of its producing members. Table 12.1 lists OPEC members and their respective OPEC reference crude basket. Some of these crudes are in high demand, because of their characteristics. Crudes such as Nigeria's Bonny Light continue to be sought after because it is considered a light, sweet crude. Similarly, Girassol produced by Angola is a desirable crude. Venezuela's crudes tend to be on the heavier side, because they are very sour crudes with higher viscosity levels. Collectively, the OPEC crude basket still correlates to and follows the WTI and Brent markets.
Table 12.1 OPEC Crude Oil Production Based on Secondary Sources (1,000 b/d)
Source: OPEC.
Note: As of October 2010. ...
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