OPEC OIL PRICE: $58.49

OPEC - OPEC daily basket price stood at $58.49 a barrel Thursday, 2 November 2017

The price of OPEC basket of fourteen crudes stood at $58.49 a barrel on Thursday, compared with $59.23 the previous day, according to OPEC Secretariat calculations.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), 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), Murban (UAE) and Merey (Venezuela).

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Earlier:

2017, October, 27, 19:25:00 SAUDIS SUPPORTS THE REDUCTION Oil closed at its highest in more than two years in London, nearing $60 a barrel, as Saudi Crown Prince Mohammed bin Salman backed the extension of OPEC output cuts.

2017, October, 20, 12:35:00 OPEC AND RUSSIA CUTTING Russia’s readiness to back an extension of the supply cuts agreement between Opec and its allies until the end of 2018 has prompted oil ministers to seek widespread support for the proposal, Opec’s secretary-general said on Thursday.

2017, September, 20, 09:05:00 OIL PRICE: ABOVE $55 YET The October light, sweet crude contract on the New York Mercantile Exchange gained 2¢ to settle at $49.91/bbl on Sept. 18. The November contract dropped 9¢ to settle at $50.35/bbl. The NYMEX natural gas price for October rose 12¢ to $3.14/MMbtu. The Henry Hub cash gas price climbed by 11¢ to $3.10/MMbtu. Heating oil for October fell nearly 2¢ to a rounded $1.78/gal. The NYMEX reformulated gasoline blendstock for October was up less than 1¢ to $1.67/gal on Sept. 18. The Brent crude contract for November on London’s ICE fell 14¢ to $55.48/bbl. The December contract declined 17¢ to $55.25/bbl. The gas oil contract for October was $525/tonne, down $9.75. OPEC’s basket of crudes for Sept. 18 was $53.78/bbl, up 14¢.

2017, September, 13, 15:15:00 OPEC OIL PRICE UP 6% TO $49.6 The OPEC Reference Basket rose for the second-consecutive month in August to average $49.60/b, representing a gain of $2.67/b or 6%. Year-to-date, the Basket was 30.9% higher at $49.73/b. Crude futures prices also saw gains with ICE Brent increasing 5.5% to $51.87/b and NYMEX WTI up 3.0% at $48.06/b. Year-to-date, crude futures prices were more than 20% higher. During the week of 29 August money managers cut WTI futures and options net long positions by 105,671 contracts to 147,303 lots, the US Commodity Futures Trading Commission (CFTC) said. Money managers slightly reduced Brent futures and options net length contracts by 1,296 to 416,551 lots during the same week.

2017, August, 16, 09:30:00 OPEC: GLOBAL OIL DEMAND WILL UP TO 97.8 MBD OPEC said world oil demand in 2018 will grow 1.28 million b/d from 2017 levels, meaning that total oil consumption is expected to hit a new record high of 97.8 million b/d in 2018.

2017, July, 7, 08:05:00 OPEC PRODUCTION UP TO 32.49 MBD The Organization of Petroleum Exporting Countries produced 32.49 million b/d in June—an increase of 220,000 b/d from May and representing a 6-month high.

2017, June, 30, 08:35:00 MORE MONEY FOR OPEC OPEC's first output cut in eight years has earned the group $1.64 billion a day so far this year, up more than 10 percent from the second half of 2016, according to Reuters calculations based on OPEC figures for average production and its crude basket price up until June 20.