OPEC: Oil Price Drops To USD 64 Pb

(MENAFN- Kuwait News Agency (KUNA)) VIENNA, Dec 11 (KUNA) -- Oil prices slightly dropped in November amid brokers' pressure although the crude low stocks in the member states of the Organization for Economic Cooperation and Development (OECD) supported for the market fundamentals.
The Organization of Petroleum Exporting Countries (OPEC) said in its latest monthly report, released in Vienna on Thursday, that the average rate of the OPEC crudes' basket dropped to USD 64.46 per barrel, while rates of the Brent and West Texas crudes turned bearish on a monthly basis.
OPEC retained its forecast crude demand growth at 1.3 million bpd in 2025 as well as the predicted global economic growth at 3.1 percent for 2025-2026.
It forsaw increase of the crude output by non-OPEC producers by one million bpd in 2025 -- led by the US, Brazil, Canada and Argentina.
Moreover, the organization estimated demand for the "Declaration of Cooperation" producers' crude oil would stabilize at 42.4 million bpd in 2025 and rise to 43 million bpd in 2026.
The "Declaration of Cooperation" was reached in 2016 by OPEC and non-OPEC oil producers to maintain market stability. (end)
The Organization for Economic Co-operation and Development (OECD) is a unique forum where governments of 37 countries with market-based economies collaborate to develop policy standards to promote global sustainable economic growth. (end)
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