Another common benchmark for crude oil prices is the OPEC Reference Basket, or ORB. This price consists of a weighted average of a mix of crude oils found in the OPEC region.
The Organization of the Petroleum Exporting Countries, or OPEC, was founded in Iraq in 1960. The member countries currently are Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, UAE and Venezuela.
OPEC produces 30 million barrels per day (bpd).
Saudi Arabia is considered to be the 'swing' oil producer. A swing producer is a country that changes its crude oil output to meet fluctuations in market demand. Saudi Arabia is seen as the world's major swing producer, in that it will cut or expand production based on total global output to maintain a certain oil price. At the height of the Libyan crisis, for example, Saudi Arabia increased production to offset the fall in supply from Libya.
Besides Brent, WTI and ORB, another benchmark to note is Oman Crude which trades on Dubai Mercantile Exchange, or DME.