OPEC basket price up to 109.11 dollars on Monday
25/10/2011 13:36

Erbil, October 25 / October (Rn) - The OPEC basket price, which includes the Iraqi Basrah Light on Monday to 109.11 dollars a barrel.
OPEC said on Tuesday that the price of its basket of crudes rose to a record 109.11 dollars a barrel on Monday from 108.31 dollars the previous day, according to the reported "Reuters."
It consists reference basket of 12 crude is a mix Algerian Sahara and Girassol Angolans and heavy Iranian crude and Iraqi Basra Light and export of Kuwait and the Libyan lotus and Nigerian Bonny Light and maritime country and the Saudi Arabian Light and Murban UAE and Mary and the Venezuelan Orient of Ecuador.
Hussein al-Shahristani, Iraqi Deputy Prime Minister for Energy said Monday that the current oil price acceptable to both consumers and producers and that he saw no need for OPEC to cut production levels at its next meeting.
He pointed out that "there are signs that global demand for oil is increasing, despite the debt crisis in Europe."
He said, "Currently there is a balance between supply and demand. There is a gradual increase in demand since last year. We expect to continue this increase," adding, "I do not think there is a need to review the levels of production at the next meeting. I think that the current levels of production covers the demand."
Is due to OPEC's next meeting on 14 December / December at its headquarters in the Austrian capital Vienna.
Iraq currently produces about 2.7 million barrels per day of crude oil and is exporting about two million barrels, and oil imports are 95 per cent of the state budget.