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OPEC oil price $1.13 lower
Saudi Press Agency Published in Saudi Press Agency on 18 - 11 - 2008


The price for crude oil produced by the
Organization of the Petroleum Exporting Countries (OPEC) fell by $1.13
Monday, as OPEC made a further downward revision in its
demand outlook for 2009.
One barrel (159 liters) of OPEC crude stood at 47.96 dollars,
compared with 49.09 dollars last Friday, the Vienna-based
Organization said Tuesday.
In its latest monthly market report, OPEC forecast 86.68 million
barrels per day of crude-oil demand for next year, 530,000 barrels
per day less than predicted in October, DPA reported today.
OPEC Oil Ministers are set to meet in Cairo on November 29.
OPEC calculates an average basket price based on 13 brands
produced by its members.

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