The oil price of the Organization of the Petroleum Exporting Countries (OPEC) fell by 2.03 dollars towards the end of the week, the group said Friday.
OPEC-produced crude dropped to 70.48 dollars per barrel on Thursday amid reports on slowing industrial production in the United States and China. (One barrel equals 159 litres.)
The cartel's 12 members produce over a third of the world's oil supply, DPA reported.
OPEC oil price drops by 2.03 dollars
See Also:
- OPEC: World oil demand growth to be weaker than expected due to economic concerns
- IEA revises down forecast on global oil demand
- OPEC downgrades forecast for Kazakhstan's oil production
- OPEC expects Azerbaijan’s oil production at 0.99 mln bpd in 2012
- JP Morgan: Global oil demand growth to be moderate in first half of 2012
