OPEC output decreases to ceiling level again since 2009

Business Materials 16 March 2015 18:38 (UTC +04:00)

Baku, Azerbaijan, Mar.16

By Dalga Khatinoglu - Trend:

OPEC members decreased the production level to about ceiling level in February, the lowest volume since the financial crisis that led OPEC members to reduce their output significantly in 2009 to push prices higher.

According to OPEC's monthly report, 12 members of this cartel produced 30.022 million barrels per day of crude oil in February, 137,600 barrels less than January.

The last month's level is approximately equal to the ceiling level, which had been set at 30 mb/d.

According to the report, published March16, the OPEC Reference Basket averaged $54.06/b in February, representing a gain of $9.68 or nearly 22% amid a pickup in prompt demand from Europe and Asia and optimism that oil prices may have reached bottom.

The report says that the demand for OPEC crude is estimated at 29.1 mb/d in 2014 and in 2015, required OPEC crude is projected at 29.2 mb/d.

Edited by CN