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Crude Oil Price Crashes to $54.44

Last updated: 2014/12/31 at 11:04 AM

starconnect Published 31 December 2014

Oil Production in the rig

December 31, 2014 – Organisation of Petroleum Exporting Countries (OPEC) said on Monday that the price of crude oil has crashed further down to $54.44.

In a statement, OPEC said a basket of twelve crudes stood at $54.44 dollars a barrel on Monday, compared with $56.03 the previous Wednesday, according to OPEC Secretariat calculations.

“The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), 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)”, OPEC said on its website.