Two-year low for OPEC oil price

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 […]

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By Vicky Ellis

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.