The OPEC Reference Basket (ORB), also referred to as the OPEC Basket, is a weighted average of prices for petroleum blends produced by OPEC members. It is used as an important benchmark for crude oil prices.
The OPEC Reference Basket (ORB) and the OPEC Basket are composite indices that represent the average price of petroleum products produced by OPEC member countries. These benchmarks play a significant role in setting the cost of crude oil.