As of January 2025, the annual OPEC oil price stood at $79.38 per barrel, slightly lower than the 2024 average of $79.86 per barrel.
The Organization of the Petroleum Exporting Countries (OPEC), which includes major oil-producing nations such as Saudi Arabia, Iraq, and Venezuela, aims to coordinate oil policies among its members to maintain market stability.
The OPEC crude oil price is determined by the OPEC Reference Basket, which averages the prices of various petroleum blends from member states. These include Saharan Blend (Algeria), Basra Light (Iraq), Arab Light (Saudi Arabia), and BCF 17 (Venezuela), among others.
As one of the key global benchmarks, the OPEC Basket is closely watched alongside UK Brent, West Texas Intermediate (WTI), and Dubai Crude. Oil prices in 2024 experienced declines due to weakened demand outlooks, primarily from China. OPEC continues to regulate production levels to balance supply and demand, ensuring price stability in the global oil market.
