Oil price drops one-third in 2009

19 January 2010

19 January 2010 | Jake Kanter

Oil prices went down by more 35 per cent last year following a turbulent 2008, the Organization of the Petroleum Exporting Countries (Opec) has said.

Its January Monthly Oil Market Report revealed Opec oil prices averaged $61.06 (£37.32) a barrel in 2009, compared with $94.45 (£57.73) the year before.

Opec said prices were more stable after suffering massive fluctuations in 2008. Oil rocketed to more than $131.22 (£80.20) a barrel in July 2008 and then collapsed to $38.60 (£23.59) a barrel in December as a result of the financial crisis.

Opec oil prices averaged at $74.01 (£45.24) a barrel in December last year, the second highest monthly figure in 2009 after November. The organisation expects oil prices to remain well above $70 a barrel as the economy continues to improve.

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