Editing OPEC (section)

===Crude oil benchmarks===
{{See also|Benchmark (crude oil)}}
A "crude oil benchmark" is a standardized [[Petroleum#Classification|petroleum]] product that serves as a convenient reference price for buyers and sellers of crude oil, including standardized contracts in major [[futures markets]] since 1983. Benchmarks are used because oil prices differ (usually by a few dollars per barrel) based on variety, grade, delivery date and location, and other legal requirements.<ref>{{cite news |url=http://news.bbc.co.uk/2/hi/business/904748.stm |title=Oil markets explained |work=BBC News |date=18 October 2007 |access-date=6 April 2016 |archive-url=https://web.archive.org/web/20180913114404/http://news.bbc.co.uk/2/hi/business/904748.stm |archive-date=13 September 2018 |url-status=live }}</ref><ref>{{cite book |url=http://documents.worldbank.org/curated/en/603911468739482147/pdf/multi-page.pdf |title=The new era of petroleum trading: spot-oil, spot-related contracts, and futures markets |first=Hossein |last=Razavi |publisher=The World Bank |date=April 1989 |isbn=978-0-8213-1199-8 |pages=65–69 |access-date=4 February 2017 |archive-url=https://web.archive.org/web/20170205095734/http://documents.worldbank.org/curated/en/603911468739482147/pdf/multi-page.pdf |archive-date=5 February 2017 |url-status=live }}</ref>

The [[OPEC Reference Basket|OPEC Reference Basket of Crudes]] has been an important benchmark for oil prices since 2000. It is calculated as a [[weighted average]] of prices for petroleum blends from the OPEC member countries: [[Sahara Blend|Saharan Blend]] (Algeria), Girassol (Angola), Djeno (Republic of the Congo)<!--New Zafiro? (Equatorial Guinea),--> Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), [[Bonny Light oil|Bonny Light]] (Nigeria), Arab Light (Saudi Arabia), Murban (UAE), and Merey (Venezuela).<ref name=basket>{{cite web |url=http://www.opec.org/opec_web/en/data_graphs/40.htm |title=OPEC Basket Price |work=OPEC |access-date=4 February 2021 |archive-url=https://web.archive.org/web/20190501131417/https://www.opec.org/opec_web/en/data_graphs/40.htm |archive-date=1 May 2019 |url-status=live }}</ref>

[[Brent Crude|North Sea Brent Crude Oil]] is the leading [[Benchmark (crude oil)|benchmark]] for Atlantic basin crude oils and is used to price approximately two-thirds of the world's traded crude oil. Other well-known benchmarks are [[West Texas Intermediate]] (WTI), [[Dubai Crude]], [[DME Oman Crude Oil Futures Contract|Oman Crude]], and [[Urals oil]].<ref>{{cite news |url=https://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/8429184/Brent-crude-and-other-oil-price-benchmarks.html |title=Brent crude and other oil price benchmarks |agency=Reuters |date=5 April 2011 |access-date=4 April 2018 |archive-url=https://web.archive.org/web/20170925075958/http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/8429184/Brent-crude-and-other-oil-price-benchmarks.html |archive-date=25 September 2017 |url-status=live }}</ref>

[[File:Oil price benchmarks.webp|thumb|300px|
{{legend-line|#929292 solid 3px|[[West Texas Intermediate]]}}
{{legend-line|#000000 solid 3px|[[Brent Crude]]}}
{{legend-line|#EE220C solid 3px|[[Urals oil]] (Russian export mix)}}
{{legend-line|#00A2FF solid 3px|[[Dubai Crude]]}}
{{legend-line|#A21726 solid 3px|OPEC Basket Price}}
]]