BP term price drops 27 percent

Kristen Nelson

BP’s January term price for Alaska North Slope crude is $23.79 a barrel, down 27.27 percent ($8.92 a barrel) from the December term price of $32.71 a barrel.

This is the lowest BP’s term price has been since it hit $23.61 a barrel in December 1999, at the beginning of a period of almost continuous price growth which saw it peak at $32.71 a barrel for December 2000.

BP’s term price averaged $28.36 for 2000, up 72 percent from a 1999 average of $16.49 a barrel.

BP is the only North Slope producer to post a term price.