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Crude grade comparison

OPEC Reference Basket vs Basrah Light

Price, OPEC Reference Basket spread, quality and refinery yields side by side. Updated .

OPEC (various members)

OPEC Reference Basket

$77.37USD/BBL
■ 0.00(0.00%)
Class
Medium/Sour
API
32.7°
Sulfur
1.77%
VS
OPEC Reference Basket – Basrah Light spread -31.02 USD/BBL · OPEC Reference Basket premium
Iraq (Basra, Persian Gulf)

Basrah Light

$108.39USD/BBL
■ 0.00(0.00%)
Class
Medium/Sour
API
30.5°
Sulfur
2.9%

OPEC Reference Basket Crude vs Basrah Light Crude: on July 06, 2026 OPEC Reference Basket settled at $77.37/bbl (0.00%) and Basrah Light at $108.39/bbl (0.00%), putting Basrah Light $31.02 above OPEC Reference Basket. OPEC Reference Basket is medium/sour crude (32.7° API, 1.77% sulfur); Basrah Light is medium/sour crude (30.5° API, 2.9% sulfur).

Price history

OPEC Reference Basket vs Basrah Light price chart

Daily assessed prices in USD per barrel and the spread between them.

  • OPEC Reference Basket Crude
  • Basrah Light Crude
30-day OPEC Reference Basket avg
$96.30
30 shared days
30-day Basrah Light avg
$108.27
30 shared days
Average spread
-11.97
OPEC Reference Basket minus Basrah Light
Days OPEC Reference Basket above
3 / 30
widest $31.02 on 2026-06-25

OPEC Reference Basket – Basrah Light spread $/bbl · above zero: OPEC Reference Basket premium · below zero: Basrah Light premium

Free view: last 30 days. Gaps mark days with no assessment. Subscribe for longer history and Excel export.

View as table
DateOPEC Reference BasketBasrah LightSpread
06 Jul 2026-108.39-
02 Jul 2026-108.39-
01 Jul 2026-108.39-
27 May 2026-108.39-
14 May 2026-117.62-
07 May 2026-117.62-
05 May 2026-117.62-
04 May 2026-117.62-
01 May 2026-117.62-
29 Apr 2026-66.77-
29 Jun 202677.3773.15+4.22
26 Jun 202677.37108.39-31.02
25 Jun 202677.37108.39-31.02
23 Jun 202681.59--
22 Jun 202683.16--
18 Jun 202683.74108.39-24.65
17 Jun 202684.43108.39-23.96
16 Jun 202687.90108.39-20.49
15 Jun 202691.69--
12 Jun 202698.07108.39-10.32
11 Jun 202697.18108.39-11.21
10 Jun 202698.92108.39-9.47
09 Jun 2026102.52108.39-5.87
08 Jun 2026100.63--
05 Jun 2026101.58108.39-6.81
04 Jun 2026101.58--
03 Jun 2026101.58--
02 Jun 2026104.05--
01 Jun 2026104.05--
29 May 202697.52--
22 May 2026113.44108.39+5.05
20 May 2026115.42--
19 May 2026116.87117.62-0.75
15 May 2026115.09117.62-2.53
06 May 2026118.33117.62+0.70999999999999
28 Apr 2026107.62--
24 Apr 2026106.28--
20 Apr 2026104.79--
14 Apr 2026107.29--
13 Apr 2026107.29--
Price analysis

Highs and lows by period

PeriodOPEC Reference BasketBasrah Light
HighLowRangeHighLowRange
7 Days---%---%
30 Days---%---%
90 Days---%---%
180 Days116.8777.3733.8%117.6273.1537.81%
365 Days118.3377.3734.62%117.6266.7743.23%

Range = (high − low) ÷ high.

Daily prices

Recent prices & spread

DateOPEC Reference BasketChgBasrah LightChgSpread
107.290
107.290
104.79-2.5
106.28+1.49
107.62+1.34
Full daily history for both grades since 2019 is available to subscribers.Subscribe now
Crude quality

Quality & refinery yields

How the two crudes differ in the barrel. Each property uses its own scale.

  • OPEC Reference Basket Crude
  • Basrah Light Crude

Physical & chemical properties

API gravityhigher = lighter
ORB32.7°
BL30.5°
Sulfur contenthigher = sourer
ORB1.77%
BL2.9%
Densityhigher = heavier
ORB0.86 g/cm³
BL0.872 g/cm³
Viscosityhigher = thicker
ORB8 cSt
BL9.8 cSt
Pour pointhigher = waxier
ORB10 °C
BL18 °C

Typical refinery yields

Gasoline% of barrel
ORB18-22%
BL18-22%
Diesel% of barrel
ORB38-42%
BL40-44%
Jet fuel% of barrel
ORB10-12'%
BL08-10'%
Residual fuel% of barrel
ORB20-25%
BL22-28%

Bars show each yield range; the faint part runs from 0 to the low end. Scale 0–50%.

Full specification comparison

PropertyOPEC Reference Basket CrudeBasrah Light CrudeOPEC Reference Basket − Basrah Light
Classification
ClassificationMedium/SourMedium/Sour
OriginOPEC (various members)Iraq (Basra, Persian Gulf)
Chemical properties
API gravity32.7° API30.5° API+2.2 °API
Sulfur content1.77%2.9%-1.13%
Density0.86 g/cm³0.872 g/cm³-0.012 g/cm³
Pour point10 °C18 °C-8 °C
Viscosity8 cSt9.8 cSt-1.8 cSt
Typical refinery yields
Gasoline18-22%18-22%0 pts
Diesel38-42%40-44%-2 pts
Jet fuel10-12'%08-10'%+2 pts
Residual fuel20-25%22-28%-3 pts
Trading & logistics
Delivery basisN/A (composite)Basra (Persian Gulf) terminals
Major exchangesOPECSOMO OSP (vs Dubai/Oman)
Export hubN/A (composite index)Al-Amiq Terminal, Khor al-Amaya, Mina al-Bakr
Main destinationsGlobal (index tracking)Asia, Europe
Benchmark typeGlobal (index)Regional (Middle East)
Market profile
Key characteristicsComposite of 13 OPEC crude grades, represents average OPEC qualityIraq's flagship crude, high residual content
Refining notesRepresents avg. OPEC crude quality for policy trackingHigh residual fuel content; used in complex refineries
FAQ

OPEC Reference Basket vs Basrah Light questions

The spread, the quality gap and why each grade is a benchmark.

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July 06, 2026 OPEC Reference Basket Crude was $77.37 and Basrah Light Crude $108.39 per barrel, so Basrah Light traded at a premium of $31.02 over OPEC Reference Basket. Over the previous 30 shared price days the spread averaged -11.97 $/bbl, with Basrah Light priced above OPEC Reference Basket on 3 day(s).

OPEC Reference Basket Crude is a medium/sour OPEC (various members) crude (32.7° API, 1.77% sulfur) and Global (index) benchmark. Basrah Light Crude is a medium/sour Iraq (Basra, Persian Gulf) crude (30.5° API, 2.9% sulfur) and Regional (Middle East) benchmark.
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