World oil prices dropped by 4.4-5.2% on December 14 as a result of the decision of the Organization of Petroleum Exporting Countries (OPEC) to increase the quota for extraction to 30 million barrels daily, RIA Novosti reports.
The price for January futures for Brent Crude Oil at the InterContinental Exchange Futures dropped by $4.82, or 4.4%, to $104.68 per barrel. January futures for Light Sweet Crude Oil at the New York Mercantile Exchange dropped by $5.19 (5.2%) to $94.95 per barrel.
The OPEC decision was made in Vienna. The old quota was set set at 24.845 million barrels daily in December 2008. Real extraction of 12 OPEC states in November was 30.68 million barrels daily. The quota of 30 million barrels daily will not be reconsidered until at least the second half of 2012. The quota takes Iraqi oil extraction, which has been neglected for 3 years, into account as well.
