OPEC oil price stays in $40 rangeJanuary 23rd, 2009 - 8:27 pm ICT by IANS
Vienna, Jan 23 (DPA) The price for oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) inched up by $0.77 Thursday but stayed in the $40 range, as analysts said Friday that output cuts were leading to a more balanced market.One barrel (159 litres) of OPEC-produced crude stood at $40.31 Thursday, the Vienna-based cartel announced Friday. OPEC’s basket price of 12 crude brands has remained in a range of around $39-42 since Jan 8.
The price situation was related to the cartel’s decisions to slash output by a total of 4.2 million barrels per day since last September in reaction to lower demand, said Carsten Fritsch, a commodity analyst at Commerzbank in Frankfurt.
“There are indications that the cuts decided in December are being implemented,” in addition to the lower production rates agreed to earlier in the autumn, Fritsch said.
Besides the effect on the supply side, markets were waiting for signals from the new administration in the US that could affect demand, such as the announced economic stimulus package, said Ehsan ul-Haq, chief analyst at JBC Energy in Vienna.
“As long as there are no clear signals, it will be difficult for the price to move,” he said.
- OPEC oil price jumps $2.45 - Feb 27, 2009
- OPEC delegates to keep oil output steady - Sep 09, 2009
- OPEC oil price keeps fluctuating - Nov 08, 2011
- OPEC cut 65 percent of production so far - Feb 13, 2009
- OPEC oil price jumps by more than $4 - Jan 05, 2009
- OPEC oil price rises above $65 - Jul 22, 2009
- OPEC oil price down to $40 a barrel - Jan 14, 2009
- OPEC oil price rises above $56 - May 08, 2009
- OPEC oil prices continue to rise - Mar 13, 2012
- OPEC oil price goes up ahead of expected production cut - Dec 16, 2008
- OPEC oil price dips below $40 - Jan 21, 2009
- OPEC oil price rises above $70 - Jun 19, 2009
- OPEC oil price remains below $70 - Jun 17, 2009
- OPEC oil price climbs above 42 dollars - Jan 27, 2009
- OPEC oil price inches above $42 - Feb 02, 2009
Tags: autumn, carsten, chief analyst, commerzbank, commodity, decisions, economic stimulus package, frankfurt, fritsch, last september, new administration, opec, opec oil price, petroleum exporting countries, signals, vienna based cartel