OPEC oil price plunges to last fortnight level
Baku, Azerbaijan, Feb. 25
By Umid Niayesh - Trend:
OPEC crude oil price plunged again after two weeks strength to below $54/barrel on Feb. 24.
According to OPEC's official report published on Feb.25, each barrel of the cartel's oil basket was sold at $53.54 yesterday.
OPEC oil price had decreased from about $108 in 1H14 to $44.85 at the end of January, but rose with fluctuations to $56.55 on Feb. 20. However, during last day, the price dropped to a level last 15 days ago.
OPEC's oil basket (ORB) 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 monthly report released Feb. 9 said that the cartel's total crude oil output has fallen by about 53,200 bpd in January compared to December, reaching 30.153 mbpd.
The report also says the demand for OPEC crude is estimated at 29.1 mbpd in 2014.
In 2015, required OPEC crude is projected at 29.2 mbpd.
Edited by CN