OPEC oil plunges below $24

Business Materials 19 January 2016 17:49 (UTC +04:00)

Baku, Azerbaijan, Jan. 19

By Fatih Karimov - Trend:

The downward trend of OPEC crude oil price continues.

According to the latest report of OPEC, the Cartel's oil basket price stood at $23.58 per barrel on Jan.18, the lowest level in 13 years.

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).

The latest OPEC's monthly report, released on Monday also indicates that the Cartel has decreased oil production by 210,000 barrels per day in December, month-to-month to 32.182 mb/d.

Demand for OPEC crude in 2015 is estimated at 29.9 mb/d, an increase of 0.2 mb/d over the 2014 level. In 2016, demand for OPEC crude is forecast at 31.6 mb/d, some 1.7 mb/d higher than the previous year.