OPEC basket price declines after 3-month rise
Logo of OPEC
OPEC basket crude oil prices declined in April 2026 for the first time in four months, following a sharp increase in March driven by the closure of the Strait of Hormuz.
The monthly oil market report released by OPEC showed that the basket averaged $108.79 a barrel last month (-6.5%, or $7.57) from $116.36 in March.
|
OPEC Basket Prices (March 2026) |
||||
|
Material |
Country |
March |
April |
Change |
|
Arabian Light |
Saudi Arabia |
121.29 |
107.21 |
(14.08) |
|
Basrah Medium |
Iraq |
117.62 |
108.39 |
(9.23) |
|
Bonny Light |
Nigeria |
104.60 |
122.13 |
+17.53 |
|
Es Sider |
Libya |
103.69 |
125.75 |
+22.06 |
|
Iran Heavy |
Iran |
124.10 |
103.10 |
(21.00) |
|
Kuwait Export |
Kuwait |
124.25 |
105.65 |
(18.60) |
|
Miri |
Venezuela |
85.92 |
90.47 |
+4.55 |
|
Murban |
UAE |
110.86 |
104.46 |
(6.40) |
|
Saharan Blend |
Algeria |
104.24 |
133.40 |
+29.16 |
Prices of various raw materials are determined by their quality against standard materials such as Brent, West Texas, and Dubai Crude.
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