OPEC oil price reaches $29.69

Business Materials 2 February 2016 14:45 (UTC +04:00)

Baku, Azerbaijan, Feb. 2

By Khalid Kazimov - Trend:

OPEC daily basket price reached $29.69 a barrel on Feb.1 compared with $29.11 the previous day.

According to OPEC website, the cartel's oil basket price stood at $22.48 per barrel Jan. 20, the lowest from 2002.

The new OPEC Reference Basket (ORB) is made up of the following oil brands: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Minas (Indonesia), 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 monthly report, released on Jan. 18, indicates that the cartel has decreased oil production by 210,000 barrels per day in December, month-to-month to 32.182 million barrels per day (mbpd).

Demand for OPEC crude in 2015 is estimated at 29.9 mbpd, an increase of 0.2 mbpd over the 2014 level.

In 2016, demand for OPEC crude is forecasted at 31.6 mbpd, some 1.7 mbpd higher than the previous year.