OPEC daily basket price Thursday, 13 November 2014
The price of OPEC basket of twelve crudes stood at 75.15 dollars a barrel on Thursday, compared with $76.96 the previous day, according to OPEC Secretariat calculations.
The Organisation of Petroleum Exporting Countries (OPEC)’s crude oil production dropped by 226,400 barrels a day last month to 30.253 million, the largest decrease since March.
Saudi Arabia, with a reduction of 69,900 barrels a day, according to the monthly report released on Wednesday.
Nigeria with a reduction of 56,300 barrels per day to settled at 1.902 million bpd, compared with the 1.958mpd it recorded in the previous month.
OPEC stated: “Production from Saudi Arabia, Angola and Nigeria decreased, while crude oil output in Libya increased.
The International Energy Agency (IEA) said in its monthly market report that against a backdrop of weakening demand, oil supply in October increased adding further downward pressure on prices,
The US Energy Information Administration (EIA) has slashed its price forecasts for 2015.
The EIA now expects US crude blends to average $77.75 per barrel next year, down from a previous forecast of $97.72, and Brent to average $83.42 in 2015, down from forecast of $101.67.