Price of OPEC Oil Slumps to 11-Year Low as Members Keep Pumping
- OPEC's average export price slides to $32.33 a barrel
- Drop shows cost of group's strategy to defend market share
Three Factors Impacting the Outlook for Oil
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The average price of crude sold by OPEC members slumped to the lowest in 11 years as members kept pumping into an oversupplied market.
The reference basket of crudes produced by the Organization of Petroleum Exporting Countries dropped to $32.33 a barrel Wednesday, according to an e-mail from the organization’s secretariat in Vienna on Thursday. That’s the lowest since April 2004, according to data compiled by Bloomberg.