VIENNA The price of OPEC's basket of seven crudes decreased by 74 cents and was $26.61 a barrel Monday.
This was down from $27.35 Friday according to OPEC calculations here, Tuesday.
The price remains well below the $28 threshold that would trigger extra supply from OPEC.
Under an informal mechanism agreed between OPEC producers in June, crude production will be adjusted by 500 thousand barrels a day, if the basket stay above a $22-28 band for 20 working days or below the range for 10 working days in order to bring the price back into the range.
Daily basket prices since July 10: July 10: $28.44 July 11: $28.48 July 12: $28.49 July 13: $29.38 July 14: $28.84 July 17: $27.46 July 18: $28.04 July 19: $27.72 July 20: $26.89 July 21: $26.33 July 24: $25.70 July 25: $25.40 July 26: $25.17 July 27: $25.38 July 28: $25.52 July 31: $25.17 Aug. 01: $25.54 Aug. 02: $25.90 Aug. 03: $26.40 Aug. 04: $27.35 The OPEC basket comprises Algeria's, Saharan blend, Indonesia's Minas, Nigeria's bonny light, Saudi Arabian light, Dubai of the United Arab Emirates, Venezuela's Tia Juana and Mexicos Isthmus crude.
(IRNA)