Pulled from Global Village Extra
OPEC basket prices have continued to hover below $45 since 2 January, when it stood at $51.78. At that time there was still a debate about whether prices would go below $50.
The very next day, it dropped to $48.87 (nearly $3 in one day). It has continued to hover around the early 40s since then, almost causing panic when it dropped to $41.50 on 13 January, prompting analysts to begin to talk about a $20 oil price.
OPEC Ministers came under attack for their position on the crisis at the recent World Economic Forum in Davos.
Eni and Total, who spoke during the event, warned the OPEC countries that the policy of not cutting production to reduce the glut would force oil companies to slash their budgets leading in time to a supply shortage and sharp rise in oil prices.
They warned the OPEC nations to act now to stabilise oil prices for the future.
The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).