OPEC reveals its average quarterly and yearly basket price
Baku, Azerbaijan, Dec. 15
By Aygun Badalova - Trend:
OPEC month-to-date basket price in December averages $64.01 per barrel, OPEC told Trend on December 15.
In November, 2014 OPEC average basket prices amounted to $75.57 per barrel compared to $85.06 per barrel in October, according to cartel's data.
OPEC daily basket price stood at $58.65 a barrel Friday, 12 December 2014, compared to $60.50 the previous day, while the price for the week ending December 12 averaged $61.32 per barrel.
OPEC said that quarter-to-date basket price in the fourth quarter of 2014 averages $77.51 per barrel. In the third quarter of this year OPEC basket price averaged $100.86 per barrel.
OPEC year-to-date basket price averages $98.12 per barrels. In 2013 OPEC average basket prices amounted to $105.87 per barrel.
OPEC oil basket 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).
OPEC oil basket price was $107.89 in mid-June, but has been in dramatic decline, especially after October.
OPEC members held a meeting in ministerial level on Nov.27 to evaluate the global oil market and the falling of the oil price by more that 35 percent since June.
Despite the ceiling level of 30 mbpd by OPEC, 12 members of this cartel produced 30.253 mbpd in October, according the OPEC's latest monthly report. This is while OPEC says that the demand for OPEC crude is estimated at 29.5 mbpd in 2014. In 2015, the figure is estimated to reach 29.2 mbpd.
Aygun Badalova is Trend Agency's staff journalist, follow her on Twitter:@AygunBadalova