OPEC daily basket price Monday, 31 August 2015

OPEC daily basket price Monday, 31 August 2015

The price of OPEC basket of twelve crudes stood at 47.01 dollars a barrel on Monday, compared with $45.19 the previous Friday, according to OPEC Secretariat calculations.
U.S. crude prices rose $3.98, almost 9%, to settle at $49.20 a barrel in New York.
Brent crude was up $3.61 to $53.60.

OPEC said in a publication released Monday that it “stands ready to talk to all other producers.” It seems continued rising production and sluggish demand which sent oil prices plunging to six-year lows last week is forcing OPEC to rethink its strategy.

OPEC said continuing pressure on prices “remains a cause of concern for OPEC and its members,” as well as for “all stakeholders in the industry.”

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In its monthly bulletin, OPEC said that the low oil prices, brought about by higher crude production and market speculation, may translate into a “loss of much-needed revenue required from member countries’ socio-economic development” as well as a decline in investment in future capacity additions.

OPEC looks like it is losing the shale war because as oil prices inch up so does shale oil production.

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