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OPEC oil finally plunges under $30

OPEC oil finally plunges under $30

Azerbaijani Energy Minister to attend OPEC conference (24 November 2016 20:46)

Date: 8 January 2016 10:32

Baku, Azerbaijan, Jan.7

By Dalga Khatinoglu – Trend:

For the first time since December 2, 2004, OPEC oil basket price plunged to $29.71 on Jan.6 2015.

According to OPEC's official website, this figure is $8.32 less than Dec.4, when the member countries failed to agree on determining a new production ceiling.

OPEC oil basket price was about $108 in first half of 2014, but has been decreasing due to glut in the markets. The current figure is the lowest price since early 2014.

According to an OPEC monthly report, released Dec.10, the total OPEC crude oil production in November rose by 0.23 million barrels per day (mb/d) to 31. 695 mb/d - about 1.7 mb/d more than the ceiling level.

That is while, according to OPEC's report, the demand for the cartel's oil in 2015 is 2.1 mb/d less than the current level.

Demand for OPEC’s crude in 2015 is estimated to stand at 29.4 mb/d, an increase of 0.4 mb/d over last year, according to the report.

The report said that in 2016, the demand for OPEC crude is forecasted at 30.8 mb/d, an increase of 1.5 mb/d over the current year.

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