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OPEC basket price averages $63.35 per barrel

17:07 12 May 2015
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Baku, Azerbaijan, May 12

By Aygun Badalova - Trend:

OPEC month-to-date basket price in May averaged $63.35 per barrel, OPEC told Trend on May 12.

In April, 2015 the OPEC average basket prices amounted to $57.3 per barrel compared to $52.46 per barrel in March, according to cartel’s data.

OPEC daily basket price stood at $63.57 a barrel on Friday, May 8, 2015.

OPEC said that quarter-to-date basket price in the second quarter of 2015 averaged $58.65 per barrel.

In the first quarter of this year OPEC basket price averaged $50.27 per barrel.

OPEC year-to-date basket price averaged $52.79 per barrel. In 2014, OPEC average basket prices amounted to $96.29 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 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. The cartel decided to remain its production quota unchanged at 30 million barrels per day.

The next meeting of OPEC will be held on June 4.

Follow the author on Twitter: @AygunBadalova

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