The main objective of this research is study the effect of changing trends of OPEC Basket crude and oil product prices on International Oil prices between (2002-2007). All the information published in business reports, oil price specially (Brent, west Texas intermediate, OPEC basket, consumption of OPEC crude oil). The main Question of this research is whether the OPEC Basket Crude Oil prices have affected the International oil price between. In response to the research question, this research has to be said all oil experts believes that this phenomenon depends entirely on the amount of production, domestic consumption and the volume of export of crude oil and its products to OPEC countries. Inferential statistics were used SPSS and E Views Soft ware. Due to simultaneous analysis of several variables and their relationships between them, estimating the Developed Economical Measuring Equation has been used. Based on the results, hypothesis is accepted. The estimated model shows that the increase of one unit of current oil price leads to the increase 0.90726 unit of the oil prices in the future period. increase One unit of internal consume of OPEC countries can cause 0.005373-unit increase of the oil price in the future period.
