OPEC basket price averages $61.42 per barrel

OPEC month-to-date basket price in December averaged $61.42 per barrel, OPEC told Trend on Dec. 22.

In November, 2014 the OPEC average basket prices amounted to $75.57 per barrel compared to $85.06 per barrel in October, according to cartel’s data.

OPEC daily basket price stood at $55.52 a barrel on Friday, Dec. 19, 2014, compared to $56.3 the previous day.

OPEC said that quarter-to-date basket price in the fourth quarter of 2014 averaged $75.67 per barrel. In the third quarter of this year OPEC basket price averaged $100.86 per barrel.

OPEC year-to-date basket price averaged $97.29 per barrel. In 2013, OPEC average basket prices amounted to $105.87 per barrel.

OPEC oil basket 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 oil basket price was $107.89 in mid-June, but has been in dramatic decline, especially after October.

OPEC members held a meeting at ministerial level on Nov.27 to evaluate the global oil market and the falling of the oil price by more that 35 percent since June.

Despite the ceiling level of 30 mbpd by OPEC, 12 members of this cartel produced 30.253 mbpd in October, according the OPEC’s latest monthly report.

Meanwhile, OPEC says that the demand for OPEC crude is estimated at 29.5 mbpd in 2014. In 2015, the figure is estimated to reach 29.2 mbpd.

SOURCE: AZER NEWS