OPEC Reference Basket
OPEC's weighted average crude price benchmark across member states' export grades.
OPEC's Reference Basket averaged $82.99 a barrel in July 2026, down $6.76 on the month and well below Brent's $88.52 close on 14 August, as Iraq and Kuwait added output Iran's flat wells did not match.
Last refreshed: 17 August 2026 · Appears in 1 active topic
Why did the OPEC basket price fall while Brent held near $88?
Timeline for OPEC Reference Basket
Fell $6.76 a barrel on the month in July
Iran Conflict 2026: Iran's wells flat as Iraq adds 665 tb/dBackground
The OPEC Reference Basket (ORB) is OPEC's weighted average crude price benchmark across its member states' export grades. OPEC's August 2026 Monthly Oil Market Report put the ORB at $82.99 a barrel in July, down $6.76 on the month, even as Brent closed at $88.52 on 14 August and $88.69 on 16 August.
The gap sits alongside Iran's own flat crude output, which OPEC recorded at 2,478 thousand barrels a day in July against a 2024 baseline of 3,257 tb/d, while Iraq added 665 tb/d and Kuwait 393 tb/d in the same month, recovering volume the war had cost them. The ORB serves as a running gauge of how the wider OPEC membership's output and pricing are moving independently of Iran's stalled wells.
What is the OPEC Reference Basket?
What was the OPEC Reference Basket price in July 2026?
How does the OPEC Reference Basket compare to Brent?
