Business | Oil & Gas
Opec's oil basket price averages $105.18
The oil basket of the Organisation of Petroleum Exporting Countries (Opec) has had an average price of $105.18 per barrel in 2008, latest data shows.
- By Himendra Mohan Kumar, Staff Reporter
- Published: 00:05 July 17, 2008
Abu Dhabi: The oil basket of the Organisation of Petroleum Exporting Countries (Opec) has had an average price of $105.18 per barrel in 2008, latest data shows.
In June, the Opec basket average price moved up by $8.94 or 7.49 per cent on the month to $128.33 per barrel, Opec said in its monthly Oil Market Report for July.
In May, the average price of the Opec basket stood at $119.39 per barrel.
In June, the 13 Opec members' combined crude production averaged 32.29 million barrels per day (bpd). Saudi Arabia was the biggest producer averaging 9.35 million bpd, followed by Iran at 3.84 million bpd, UAE at 2.63 million bpd, Kuwait at 2.61 million bpd, Iraq at 2.44 million bpd and Venezuela at 2.31 million bpd.
Opec, whose members produce nearly 45 per cent of the world's oil, said that in 2009, the world oil demand will average 87.7 million bpd, higher than the 86.8 million bpd, this year.
It also said the world GDP growth is seen falling to 3.9 per cent in 2009 from a projected four per cent growth this year.
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