Baku, Azerbaijan, Jan. 21
By Dalga Khatinoglu - Trend:
The downward trend of OPEC crude oil price continues.
OPEC daily basket price stood at $22.48 a barrel on Wednesday, compared with $23.85 the previous day, a source in OPEC told Trend on Jan.21.
OPEC's oil basket (ORB) is currently made up of the Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
The latest OPEC's monthly report, released on Monday also indicates that the Cartel has decreased oil production by 210,000 barrels per day in December, month-to-month to 32.182 mb/d.
Demand for OPEC crude in 2015 is estimated at 29.9 mb/d, an increase of 0.2 mb/d over the 2014 level. In 2016, demand for OPEC crude is forecast at 31.6 mb/d, some 1.7 mb/d higher than the previous year.