Oil in 11-year low as Kachikwu makes 1st OPEC address

          

Crude oil prices crashed to $37.89 – the lowest since 2004 – as the Organisation of Petroleum Exporting Countries (OPEC), holds its 168th ordinary meeting in Vienna on Friday. 

According to OPEC secretariat calculations mailed to TheCable, “the price of OPEC basket of twelve crudes stood at 37.89 dollars a barrel on Thursday, compared with $38.46 the previous day”. 

The last time OPEC basket price stood at less than $38 on the average was in April 2004, when it traded at $36.70 per barrel. 

Oil prices initially hit a 6-year-low on November 18, when it sold for $38.04, but rose to $38.52 the following day, only for the six-year-low to be further stretched before Nigeria’s minister of state for petroleum, Ibe Kachikwu, addressed the organisation.