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OPEC daily basket price closes lower

  •   Mon, Jul 25 2016 03:25:52 PM

Vienna, July 25 (IANS/WAM): The price of OPEC's basket of 13 crudes slipped to $41.71 a barrel on Friday, compared to $42.93 on Thursday, according to the OPEC Secretariat.

The OPEC Reference Basket of Crudes is made up of the following: Murban (UAE), Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia) and Merey (Venezuela). A barrel equals 159 litres.
  

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  • A. S. Mathew, U.S.A.

    Tue, Jul 26 2016

    I hate to write the whole truth about the oil price decline yet to be watched based on many surrounding factors.

    The curtailed oil production in Nigeria due to the civil disturbance, also in Libya are being solved and those countries are going to produce more oil.

    The massive fire in the province of Alberta has caused some production barriers but now it is coming back in full swing.

    Both Iraq and Iran are not going to listen to the OPEC instructions. The OPEC nations are now in competition to keep their market share in the world market. The non-OPEC oil producing countries like Russia-Mexico-Canada and Brazil are going to produce more oil.

    The surplus challenge upon the oil price is an eternal reality. In July 2000, the surplus of oil was 205 million barrel, 2010 222 million and in July 2016 241 million barrels even though the U.S. production has declined. On the other hand, the shale oil production is now resuming which will create more over supply challenges. The summer driving season is closing which will create less demand for oil.

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