VIENNA – The basket of crude oil used as a benchmark indicator by the Organization of Petroleum Exporting Countries fell to $42.58, the OPEC Secretariat said on Friday.
OPEC said the price of its basket decreased by 1.3 percent on Thursday compared with the closing price at the previous session.
At this price, the OPEC barrel continues its downfall trend to reach its lowest since Nov. 18, 2016.
At the OPEC ministerial meeting on Nov. 30 of last year, the group, as well as other non-member producers, agreed to cut their supply for six months, and the agreement was later extended for another nine months until March 2018.
But with the continued crude supply into the market, whether from Libya and Nigeria, which are exempt from the cut, or from the United States, where shale oil production is increasing, prices are falling again rather than stabilizing.
The August delivery of Brent crude opened at $45.22 per barrel at the start of Friday’s trading on the futures market, a 0.89 percent increase since the previous session’s close.