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OPEC’s oil basket price up by $2.13

Business Materials 30 September 2016 15:36 (UTC +04:00)

Baku, Azerbaijan, Sept. 30

By Emil Ilgar – Trend:

A day after the OPEC members agreed to decrease the output ceiling by 750,000 barrels per day (b/d) to 32.5 million b/d, the Cartel’s oil basket price increased by $2.13 on Sep.29 to $44.34 compared to the previous day.

On the sidelines of the International Energy Forum (IEF) meeting in Algiers 26-28 of September, the members agreed verbally to decline OPEC’s overall production, but the final decision could be made in the Cartel’s November meeting.

Yesterday, Brent and WTI crude benchmarks price also increased, but the volume declined slightly in Sep.30.

WTI price for deliveries in November decreased by 1.3% today to $47.21, while Brent decreased by 1.71% to $48.4, compared to Sep.29.

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