OPEC: Iran’s crude oil price up four dollars in November

TEHRAN, Dec.15(MNA) --Iran’s crude oil price increased by $4.37 in November 2011, reaching $109.2 per barrel on the average. OPEC, which pumps a third of the world's oil, forecast 2011 demand growing by just 0.88 million bpd to 87.81 million bpd. It is the first time this year that OPEC has cut its oil demand growth estimate to below 1 million bpd. For 2012, it cut demand by 70,000 bpd to 1.19 million bpd.