OPEC"s basket of 11 oils includes Sahara, Minas, Iran Heavy, Basra Light, Kuwait Export, Es Sider, Bonny, Qatar Marine, Arab Light, Murban and BCF 17 ( Furrial).

OPEC devised a new basket after members complained the old basket overstated the value of the group"s output.

They pushed for a basket that better represented grades that are higher in sulfur and, as such, relatively cheaper.

On January 30, 2005 OPEC suspended its official $22 to $28 a barrel price band because concerns about global stability have pushed oil prices up sharply, rendering it irrelevant.