The price of oil from OPEC has fallen to a two-year low, coming in below $90, it said today.
The mainly Middle Eastern oil group’s daily basket price – its benchmark price – stood at $89.37 a barrel yesterday.
That’s a drop of 83 cents from Monday’s price of $90.40.
OPEC said there is lower demand for its crude oil in 2014 in a monthly report in September, revising down its prediction of demand over 2014 by 0.2 million barrels per day (mb/d).
Its new forecast pinned 2014 demand at 29.5 mb/d.
The oil group report also downgraded how much it expects the world’s demand for oil to grow, citing “weaker-than-expected performance” of OECD countries.
OPEC’s reference basket is made up of oil from Algeria, Angola, Iran, Ecuador, Iraw, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, UAE and Venezuala.