The
price of oil from some OPEC members has fallen, highlighting the
prospect of a deepening rift between countries that are most affected
and those that are largely unscathed.
LONDON—The
price of benchmark oil from some members of the Organization of the
Petroleum Exporting Countries has fallen in the past year, the group
said in its annual report Friday, highlighting the prospect of a
deepening rift between producing countries that are most affected and
those that remain largely unscathed.
The unexpected energy boom in the U.S. is causing a revolution in global oil trade as America’s appetite for high-quality crude grades similar in quality to the oil extracted from the country’s shale-rock formations dwindles.
African OPEC members such as Nigeria and Algeria are the worst affected, with their exports to the U.S. shrinking substantially in recent years.
The average price of Algeria’s Saharan Blend on the spot market fell by 1.3% in 2012 to $111.49 a barrel, while Nigeria’s Bonny Light slipped 0.4% to average $113.66 a barrel, the report said.
Exports from Nigeria and Algeria to the U.S. almost halved between April 2011 and April 2012, according to the U.S. Energy Information Administration.
Between April 2012 and April this year, Nigeria’s exports fell another 16% to 12.2 million barrels, while Algeria’s exports slumped 38% to 4.8 million barrels, the data showed.
Meanwhile, according to OPEC’s annual report, the price of Angola’s benchmark grade, Girassol, rose by just 0.6% last year, as Algeria also saw a decline in its exports to the U.S.
But many other members, such the group’s largest producer Saudi Arabia, are relatively unscathed by the U.S. production boom.
According to OPEC’s annual report, most other members saw the average price of their benchmark crude grades rise by around 2% to 3% between 2011 and 2012.
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The unexpected energy boom in the U.S. is causing a revolution in global oil trade as America’s appetite for high-quality crude grades similar in quality to the oil extracted from the country’s shale-rock formations dwindles.
African OPEC members such as Nigeria and Algeria are the worst affected, with their exports to the U.S. shrinking substantially in recent years.
The average price of Algeria’s Saharan Blend on the spot market fell by 1.3% in 2012 to $111.49 a barrel, while Nigeria’s Bonny Light slipped 0.4% to average $113.66 a barrel, the report said.
Exports from Nigeria and Algeria to the U.S. almost halved between April 2011 and April 2012, according to the U.S. Energy Information Administration.
Between April 2012 and April this year, Nigeria’s exports fell another 16% to 12.2 million barrels, while Algeria’s exports slumped 38% to 4.8 million barrels, the data showed.
Meanwhile, according to OPEC’s annual report, the price of Angola’s benchmark grade, Girassol, rose by just 0.6% last year, as Algeria also saw a decline in its exports to the U.S.
But many other members, such the group’s largest producer Saudi Arabia, are relatively unscathed by the U.S. production boom.
According to OPEC’s annual report, most other members saw the average price of their benchmark crude grades rise by around 2% to 3% between 2011 and 2012.
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