|OPEC: Average price of the Organization reached 49.60 dollars a barrel in August|
Alsumaria News / Baghdad
, said the Organization of Petroleum Exporting Countries , Wednesday, the average price of the Organization amounted to $ 49.60 per barrel last August, an expected global oil demand growth in 2018 unchanged at 3.4%. "The average prices of the OPEC basket for August reached $ 49.60 per barrel, which represents a profit of $ 2.67 per barrel or 6% in the year," the organization said in its monthly report, The other gains were 5.5% to average these prices to 51.87 dollars, while the average price of West Texas Intermediate crude Nymex to 48.06 dollars per barrel.
Oil prices are recovering and approaching $ 50 a barrel
SOMO: The price of a barrel of OPEC crude fell to $ 43.90 per barrel
"The world will need 32.83 million barrels per day of OPEC oil next year, an increase of 410 thousand barrels per day than previously expected," it added. The OECD revised global economic growth until 2017 to 3.5% from 3.4%, while growth for 2018 was unchanged at 3.4%, and OECD growth has improved better than expected this year. The OPEC basket is made up of 12 raw materials, a mix of Algerian Sahara, Angolan Girasol, Iranian heavy crude, Basra Light, Iraqi, Kuwaiti exports, Libyan Sidr, Bonny Light, Nigeria, Qatar Airways, Saudi Arabian Light, Marban Emirates, Miri of Venezuela and Orient of Ecuador. The Petroleum Exporting Countries (OPEC), which was founded in Baghdad in 1960 by agreement between the five countries , namely Saudi Arabia, Iran and
Iraq , Kuwait and Venezuela , headquartered in Vienna, is one of the world's largest organizations overseeing the organization and pricing of oil exports. Currently, it has 12 oil exporting countries, which together account for two thirds and three quarters of the world's oil reserves.