Average price of barrel of oil sold by OPEC member-states dropped below $40.00. This is the first such index since 2009 and it could make OPEC to revise its policy, reported Bloomberg.
According to the idex, cost of OPEC so-called basket dropped to $39.21.
OPEC basket is an average index of spot prices for oil brands extracted by 12 OPEC member-states. As a rule, this is below the international oil futures, reported Bloomberg.
Bloomberg reported citing Fatikh Birol, chief of the International Energy Agency (IEA), with the current oil prices anual profit of OPEC could go down to $550 billion against average index of over $1 trillion during the past five years.
According to IEA, even Saudi Arabia – the biggest member of OPEC – will face the budget deficit this year by more than 20% of GDP. The agency mentioned that the OPEC member-state Ministers will meet in Vienna on December 4 to discuss the current situation. Bloomberg does not rule out that reduction of incomes in the OPEC member-states and low oil
