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OPEC oil slips below $83, Iran says no budget worry

Business Materials 21 October 2014 18:24 (UTC +04:00)

Baku, Azerbaijan, Oct. 21

By Dalga Khatinoglu - Trend:

The OPEC Secretariat announced that the Cartel's basket price dipped again under $83 per barrel on Oct.20, after a tiny rise on Oct.17.

According to OPEC's statistics, the Cartel's oil basket price at $82.37 on Oct.20 is still above the prices of Oct.15 and 16, which were $81.89 and 81.17 respectively, but less than the $83.19 price on Oct.17.

The basket price on average was about $108 in mid-July.

OPEC oil basket price

01/10/2014

$92.19

02/10/2014

$90.4

03/10/2014

$90.33

06/10/2014

$90.4

07/10/2014

$89.37

08/10/2014

$88.32

09/10/2014

$88.27

10/10/2014

$86.43

13/10/2014

$85.93

14/10/2014

$85.14

15/10/2014

$81.89

16/10/2014

$81.17

17/10/2014

$83.19

20/10/2014

$82.37

There is not any specific information about the various oils' price separately, but according to the OPEC's latest monthly report, the basket price was $95.98 in September, while Iranian heavy crude oil was sold at $96.14 per a barrel.

Iran set the yearly budget at $100 per a barrel, but Iran's Minister of Economic Affairs and Finance Ali Tayyebnia told reporters on Oct.21 that falling oil price wouldn't lead to budget deficit.

"We now receive the revenues of sold oil several months ago and the current decline in oil price would affect Iran's oil revenues in next several months. We always receive the oil revenues several months after selling that," he said.

According to Mehr News Agency, Tayyebnia said that we can manage the budget law and economize in projected expenses of some spheres, but there is not any worry about the current year's budget deficit.

Edited by CN

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