OPEC daily crude basket price falls below $39 for 1st time in 12

26 November 2024

OPEC daily crude basket price falls below $39 for 1st time in 12 years

17:33 01 August 2016 Read: 1307

OPEC daily crude basket price falls below $39 for 1st time in 12 years

The Organization of the Petroleum Exporting Countries` (OPEC) reference daily crude oil basket price fell below $39 a barrel for the first time since November 2004, OPEC said on Monday.

The price dropped by $0.82 and made $38.97 per barrel on Friday, the organization said in a statement.

According to OPEC, the average July basket price stood at $42.68. The average price of the OPEC 2016 basket stands at $37.2, compared to $49.49 in 2015 and $96.29 in 2014.

The OPEC basket price is a weighted average of prices for petroleum blends produced by OPEC countries, including Algerian Saharan Blend, Angola`s Girassol, Ecuadorian Oriente, Gabon`s Rabi Light, Minas of Indonesia, Iran Heavy, Iraqi Basra Light, Kuwait Export, Libyan Es Sider, Nigerian Bonny Light, Qatar Marine, Saudi Arab Light, UAE Murban and Venezuela`s Merey.

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