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Commodities Briefing - Categorized | Oil, Price Watch more

OPEC mindful of slumping oil prices

Posted on 19 April 2013

The Organization of Petroleum Exporting Countries is going to have to cut production to keep crude oil prices at a reasonable level, an energy consultant said. Crude oil prices for the Brent trade classification this week dropped to less than $100 per barrel for the first time since July. The OPEC basket price, a representation of the cartel’s export grades, is less than $100 as well.
Ali Aissaoui, a consultant at the Arab Petroleum Investments Corp., told Bloomberg News that OPEC’s top producer, Saudi Arabia, needs prices around $94 per barrel to keep its federal budget in check. Iran, meanwhile, needs a price per barrel of around $125 to keep its budget balanced……………………………………..Full Article: Source


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