$25 - OPEC oil price continues to drop
Baku, Azerbaijan, Jan.13
By Dalga Khatinoglu - Trend:
OPEC oil basket price plunged to $25.76 on Jan.12, about $1.31 less than the previous day.
According to OPEC's official website, this figure is $12.54 less than Dec.4, when the member countries failed to agree on determining a new production ceiling.
OPEC oil basket price was about $108 in first half of 2014, but has been decreasing due to glut in the markets. The current figure is the lowest price since early 2014.
According to a monthly OPEC report, released Dec.10, the total OPEC crude oil production in November rose by 0.23 million barrels per day (mb/d) to 31. 695 mb/d - about 1.7 mb/d more than the ceiling level.
That is while, according to OPEC's report, the demand for the cartel's oil in 2015 is 2.1 mb/d less than the current level.
Demand for OPEC's crude in 2015 is estimated to stand at 29.4 mb/d, an increase of 0.4 mb/d over last year, according to the report.
The report said that in 2016, the demand for OPEC crude is forecasted at 30.8 mb/d, an increase of 1.5 mb/d over the current year.