OPEC crude increases to $48.2/barrel

Oil&Gas Materials 3 February 2015 12:23 (UTC +04:00)

Baku, Azerbaijan, Feb. 3

By Umid Niayesh - Trend:

OPEC oil basket price increased to $48.19 a barrel on Feb. 2, the organization's website reported Feb. 3.

The price of OPEC basket of twelve crude oils stood at $44.83 on Jan. 30.

OPEC's 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's oil basket price was $107.89 in mid-June, but has been in dramatic decline, especially since October.

OPEC members held a meeting in ministerial level November 27, 2014 to evaluate the global oil market and the falling trend of the oil price. Iran and Venezuela wanted to lower the Cartel's oil output and set a new ceiling level below the current 30 mbpd level.

OPEC says that the demand for the organization's crude is estimated at 29.1 mbpd in 2014. In 2015, the figure is estimated to reach 28.8 mbpd.

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