OPEC oil price stays above $40

January 16th, 2009 - 7:34 pm ICT by IANS  

Vienna, Jan 16 (DPA) Falling by $0.46 Thursday, the basket price for oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) continued to soar above $40, the oil-cartel announced Friday.One barrel (159 litres) of OPEC-produced crude stood at $40.85 Thursday.

In its latest outlook report, OPEC said global oil demand would fall by 180,000 barrels per day in 2009. That is an additional decrease of 30,000 barrels per day, compared with the previous forecast in last December.

Production projections were also lowered. The report said output from non-OPEC producers would grow by 580,000 barrels per day in 2009, down 70,000 barrels per day from the last forecast.

OPEC produces around 36 percent of the world’s oil supplies.

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