OPEC oil price slips below $55, lowest in fortnight

Business Materials 10 March 2015 18:14 (UTC +04:00)

Baku, Azerbaijan, Mar.10
By Umid Niayesh - Trend:

The OPEC crude oil basket slipped to below $55/barrel on March 9, the lowest level since Feb. 26.

OPEC website released the oil prices March 10, saying that the cartel's oil basket price has decreased steadily since Feb.27 from $56.83 to $54.53 on March 9.

According to Bloomberg's statistics, WTI price for delivery April 15 also decreased by 2.99 percent on March10 to $49.29, while Brent decreased by 1.79 percent to $57.48 day-to-day.

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.

Edited by CN