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OPEC's Oil Price Below $100/Bbl, First Time Since Feb

OPECs Oil Price Below $100/Bbl, First Time Since Feb
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Τρι, 4 Οκτωβρίου 2011 - 17:10
The average selling price for a range of crude oil grades produced by the Organization of Petroleum Exporting Countries has dipped below $100 a barrel for the first time since February, according to data posted on the group's website Tuesday.
The average selling price for a range of crude oil grades produced by the Organization of Petroleum Exporting Countries has dipped below $100 a barrel for the first time since February, according to data posted on the group's website Tuesday.

The average price of a basket of OPEC crudes fell to $99.65 a barrel on Oct. 3, $1.92 below the previous price posted on Sept. 30, OPEC's website said. This is the lowest price since Feb. 18, when political turmoil began to affect oil production in North Africa , the website showed.

This development comes the day after the OPEC governor for the United Arab Emirates warned of the potential for oil demand to fall.

"Oil supply and demand appear to be largely in balance," said Ali Obaid al-Yabhouni, UAE OPEC governor in Dubai Monday. "However, there are ominous clouds on the horizon that represent a major downside risk."

Iran 's oil minister, Rostam Ghasemi, Tuesday called for OPEC to maintain its oil output ceiling at 24.8 million barrels a day at the group's next meeting in December.

OPEC's production in September, excluding Iraq which is not subjet to quota, was 27.8 million barrels a day, according to a Dow Jones Newswires survey of oil company officials and industry analysts.

The OPEC basket consists of Algeria 's Saharan Blend, Girassol crude from Angola , Oriente crude from Ecuador , Iran Heavy crude, Iraq 's Basra Light, Kuwait Export crude, Es Sider from Libya , Bonny Light from Nigeria , Qatar Marine, Saudi Arabia 's Arab Light, Murban from the UAE and Merey from Venezuela .

This is the longest-ever period that the average OPEC price has remained above $100 a barrel, the data showed. The OPEC basket remained above $100 a barrel for 154 straight days in 2008, but has continuously exceeded that price for 221 days this year.

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