OPEC basket down 25 pct in Jan. 15
(MENAFN- Kuwait News Agency (KUNA)) OPEC Reference Basket (ORB) of 12 crudes dove USD 15.08, or 25 percent, in January this year to average USD 44.38 per barrel (pb), the oil cartel said in its monthly report, released Monday.
ORB was down USD 60.33 pb, or 57.6 percent, from a year ago, it said.
Nymex WTI and Brent have ended below the USD 50 pb margin for the first time in over five-and-a-half years.
In addition to supply glut, a record crude inventory build in the US, a strong USD, slowing Chinese oil demand growth and downwardly revised global economic growth have all pressured oil futures, showed the OPEC report.
The growth of global crude oil demand in 2014 did not change during last month, it said, but noted that demand might reach 91.51 million barrels per day in 2015.
The report did not rule out demand to grow in the US thus pumping global demand to 92.32 million bpd.
The report said non-OPEC oil supplies for February amounted to 56.23 million bpd, an increase of 1.99 million bpd than last month.
Oil supply from non-OPEC countries is projected to increase to 57.09 million bpd this year.
OPEC, which is producing one-third of global oil, said said average output reached 30.15 million bpd.
ORB was down USD 60.33 pb, or 57.6 percent, from a year ago, it said.
Nymex WTI and Brent have ended below the USD 50 pb margin for the first time in over five-and-a-half years.
In addition to supply glut, a record crude inventory build in the US, a strong USD, slowing Chinese oil demand growth and downwardly revised global economic growth have all pressured oil futures, showed the OPEC report.
The growth of global crude oil demand in 2014 did not change during last month, it said, but noted that demand might reach 91.51 million barrels per day in 2015.
The report did not rule out demand to grow in the US thus pumping global demand to 92.32 million bpd.
The report said non-OPEC oil supplies for February amounted to 56.23 million bpd, an increase of 1.99 million bpd than last month.
Oil supply from non-OPEC countries is projected to increase to 57.09 million bpd this year.
OPEC, which is producing one-third of global oil, said said average output reached 30.15 million bpd.
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