OPEC Reference Basket (ORB) 1/2022

OPEC Reference Basket (ORB)

The ORB averaged lower in December m-o-m, falling for the second consecutive month on lower related crude benchmarks, though higher official selling prices and sustained crude differentials led to a smaller decline compared with major crude benchmarks. In December, the ORB fell by $5.99, or 7.5%, to settle at $74.38/b, its lowest monthly value since September 2021. However, on a yearly average, the ORB rose by $28.42, or 68.5%, in 2021 to $69.89/b, the highest yearly average since 2014. All ORB component values declined in December, with West and North African Basket components – Bonny Light, Djeno, Es Sider, Girassol, Rabi Light, Sahara Blend and Zafiro – falling $7.04, or 8.8% m-o-m on average, to $73.30/b. Multiple region destination grades – Arab Light, Basrah Light, Iran Heavy and Kuwait Export – decreased by $5.61, or 7.0% m-o-m on average, to settle at $74.91/b. Murban crude fell by $7.49, or 9.1% m-o-m on average, to settle at $74.57/b. Merey crude also fell by $6.32, or 10.3% m-o-m on average, to settle at 54.89/b.