OPEC basket price down USD 1.67 to USD 40.24 per barrel |
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VIENNA, Jan 13 (KUNA) -- The price of OPECOPEC
basket of 12 crudes on Monday lost USD 1.67 to settle at USD 40.24 per barrel compared with USD 41.94 on Friday.
The annual average of the basket price for 2008 stands at USD 94.45 per barrel, according to the daily bulletin issued by the global cartel on Tuesday.
The OPECOPEC basket is made up of 12 crudes: Algerian (Sahara) crude, Iranian heavy crude, Iraqi (Albesara) crude, Kuwaiti export crude, Libyan (Seder) crude, Nigerian (Pune) crude, Qatari light maritime crude, Saudi Arabian Light crude, (Mriaat) crude, Venezuelan crude, Angolan (Girassol) crude, and (Orient) crude of Ecuador.
The number of crudes in the basket dropped from 13 to 12 after Indonesia decided to suspend its membership during OPECOPEC's 149 conference last September. The decision took effect on January 1, 2009.
On December 17, 2008 OPECOPEC which meets two thirds of the world's consumption of oil decided to reduce its output by 2.2 million barrels a day which pushed that total output cut in 2008 to 4.2 million barrels in a bid to reverse the downward trend of the oil prices.
© Copyright Kuwait News Agency 2009.
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