The Organization of Petroleum Exporting Countries (OPEC) revealed that its basket of crude oil price increased 1.65 U.S dollars and settled at 40.11 U.S dollars per barrel. The announcement declared on the official website of OPEC on Saturday.
This announcement indicated the annual rate of last year for the crude oil basket price as it was at 49.64 U.S dollars per barrel and now this price was settled at 40.11 U.S dollars per barrel. The OPEC basket was referred to the level of production policy of some profitably extracted mineral from naturally solid valuable material, such as heavy Iranian, Algerian and Basra deserts, Kuwaiti and Iraqi export, Nigerian maritime, Bonnie and Seder of Libya, Light Qatari of Saudi Arab, Murban and raw of UAE, Indonesian Minas Ecuadorean and Girassol Angolan and Orient of Venezuela.
On 4th December 2015 in the ministerial meeting in Vienna, it was recommended by the OPEC oil ministers in their final conclusion after the meeting. The members of this meeting said that the oil market needs more careful development in the coming months and the current production to be maintained as the maximum limit defined, and the member countries in the OPEC should not exceed the maximum limit of thirty million barrels. Point to be noted that an important meeting was also arranged to follow the defined limit by OPEC, but this meeting was ended without finalizing any agreement due to the recent tension between Saudi Arabia and Iran. It is important that Iran didn’t participate in this meeting and OPEC members stressed that Iran should also join in the reduction process of oil production.