Crude oil prices across Organization of the Petroleum Exporting Countries (OPEC)-linked grades declined in December 2025 as global market conditions tilted decisively toward weaker demand fundamentals.
While OPEC+ maintained output discipline, easing geopolitical risk premiums, improved non-OPEC supply flows, and seasonal demand moderation weighed on benchmark prices.
As a result, the OPEC Reference Basket (ORB) declined sharply, even as price differentials across member grades remained pronounced.
According to OPEC’s January report, the ORB fell by $2.72 per barrel month-on-month to average $61.74 per barrel in December 2025.
The broad-based decline spanned Atlantic Basin and Middle Eastern streams, underscoring the limits of supply management in offsetting softer global demand signals. Within this environment, crude quality, refinery compatibility, and logistics continued to shape relative pricing outcomes across OPEC producers.
Despite the general pullback, lighter and sweeter crudes remained more resilient, allowing some grades—including Nigeria’s Bonny Light—to retain upper-tier pricing positions.