OPEC Reference Basket

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.