OPEC daily basket price Tuesday, 25 November 2014
The price of OPEC basket of twelve crudes stood at 74.28 dollars a barrel on Tuesday, compared with $75.70 the previous day, according to OPEC Secretariat calculations.
The price of Brent crude oil steadied below $79 a barrel today amid indications from Saudi Arabia that OPEC would not cut oil output.
Reuters reported that benchmark Brent futures were up 20 cents at $78.53 a barrel, while US crude remained unchanged at $74.09.
OPEC is due to meet tomorrow in Vienna to discuss its oil production policy. Several members are urging the group to reduce its production targets by one million barrels per day or more to support oil prices, which have fallen 30% since June.
However, Saudi Arabia’s Oil Minister Ali al-Naimi said “the oil market will stabilise itself.”