[size=48]OPEC announced that the average price of crude was $ 42.68 per barrel
August 11, 2016
Our economy / Agencies
OPEC announced on Thursday that the average prices of the Organization amounted to $ 42.68 per barrel in July, the expected continuation of global oil demand growth unchanged in 2016 and next year.
The organization said in a report, "The average OPEC basket price of $ 42.68 per barrel, which represents the first decline in five months," pointing out that "Brent prices fell US $ 3.39 to reach the average of these prices to $ 46.53, while crude fell west Texas intermediate NYMEX $ 4.05 to $ 44.80 per barrel. "
The organization added that "lower prices because the demand was lower than expected, in addition to the rise in stocks of refined products, and the abundance of supply, as well as speculators reduced their long positions more during this month."
Organization "demand for OPEC oil in 2016 was estimated to 31.9 million barrels, unchanged from the last report, up by 1.9 million than in the previous year," predicting that "the demand for OPEC oil up to 33 million barrels in 2017".
And it predicted "the survival of world economic growth of 3.0% for the current year 2016 and 3.1% for next year in 2017," predicting that "global oil demand growth in the second half of the year 2016 by 1.22 million barrels per day will continue."
It consists of OPEC basket of 12 crude, a mixture of the Algerian Sahara ore Girassol Angolan Iranian heavy crude and Basrah Light Iraqi and Kuwaiti export Libyan Seder and Bonny Light of Nigeria and sea Qatari Light and Arab Saudi Murban UAE and Mary Venezuelan and OCC from Ecuador.