OPEC oil price continues to fall
Baku, Azerbaijan, Dec. 1
By Fatih Karimov- Trend:
The falling trend of the OPEC oil basket reached $38.93 a barrel, the cartel's official website reported Dec. 1.
The price of OPEC basket of twelve crudes stood at $38.93 per barrel on Nov. 30, compared with $39.08 on Nov. 27, according to OPEC calculations.
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).
A monthly report by OPEC said the organization's output was 31.382 million barrels per day in October, some 256,500 barrels more than September.
This is while according to OPEC's own evaluation the demand for the organization's oil is 29.6 million barrels per day for 2015.
In 2016, required OPEC crude is projected at 30.8 mb/d, representing an increase of 1.2 mb/d from the estimated 2015 level.