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.”
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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