The
OPEC Reference Basket (
ORB), also referred to as the
OPEC Basket, is a weighted average of prices for
petroleum blends produced by OPEC countries. It is used as an important
benchmark for crude oil prices. OPEC attempts to keep the price of the OPEC Basket between upper and lower limits, by increasing and decreasing production. This makes the measure important for market analysts. The OPEC Basket, including a mix of light and heavy crudes, is heavier than both
Brent crude oil, and
West Texas Intermediate crude oil.