Steady decline in oil prices to a basket of OPEC and Brent with the Saudi announcement to cut prices

Saturday, 6 December 2014 15:12


Alsumaria News / Baghdad
Prices of OPEC and Brent, the Sabbath, a continuous decline in oil prices Selthma, while oil expert attributed the drop to speculation in the market.

Fell futures for crude oil in the wake of the decision announced by Saudi Arabia that it would cut the price of oil exported by the United States and Asia, especially after last week's OPEC decision to maintain production quotas unchanged, resulting in oil prices gave the field more and more lower.

In the OPEC basket price dropped to $ 66.27 per barrel, compared to last week, which recorded a more than $ 75 per barrel, while Brent prices also recorded a decline also up to $ 68.70 per barrel.

The price of oil has fallen clearly in recent months amid concerns about excess supply in the global market.

He attributed the oil expert Hussein Allawi, in an interview for "Alsumaria News", the decline in OPEC prices to "speculation in the market mainly, in addition to OPEC's decision to maintain production without reducing it."

Allawi said that "it is assumed that oil prices go up at this time of year because the weather is cold," he said, adding that "OPEC's recent decision allowing prices to fall more, which is expected to reach US $ 50 per barrel in the coming months."

Organization of Petroleum Exporting Countries "OPEC" and decided on November 28 last to maintain the production ceiling at its current level of thirty million barrels a day after failing to examine other options, and showed OPEC meeting in Vienna, there are differences between the members of the organization.

It consists of OPEC basket of 12 crude, which is a mixture of the Algerian Sahara ore Girassol Angolan Iranian heavy crude and Basrah Light Iraqi export Kuwaiti and Libyan Sidr and Bonny Light Nigerian maritime Qatari light and Saudi Arabian and Murban UAE and Mary Venezuelan Orient from Ecuador.

The Petroleum Exporting Countries (OPEC), which was founded in Baghdad in 1960 by agreement between the five countries are Saudi Arabia, Iran, Iraq, Kuwait, Venezuela, and is headquartered in Vienna, one of the largest supervising international organizations to regulate the export of oil and set the prices, and has a current membership of 12 countries oil exporter, has a whole between two-thirds and three-quarters of global oil reserves.


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