OPEC Basket Price Down by 78 Cents
September 16, 2000 - 0:0
VIENNA The price of OPEC's basket of seven crudes decreased by 78 cents and was $30.40 a barrel Wednesday.
This was down from $31.18 Tuesday according to OPEC calculations here, Thursday.
Under an agreement between OPEC producers, crude production will be adjusted by 500 thousand barrels a day, if the basket stays above a $22-28 band for 20 working days or below the range for 10 working days, starting from October 1. The amount of producti on adjustment however, may change in order to bring the prices back into the range.
The OPEC basket comprises Algeria's, Saharan blend, Indonesia's mines, Nigeria's bonny light, Saudi Arabian light, Dubai of the United Arab Emirates, Venezuelas Tia Anniversary and Mexicos Isthmus crude.
(IRNA)
This was down from $31.18 Tuesday according to OPEC calculations here, Thursday.
Under an agreement between OPEC producers, crude production will be adjusted by 500 thousand barrels a day, if the basket stays above a $22-28 band for 20 working days or below the range for 10 working days, starting from October 1. The amount of producti on adjustment however, may change in order to bring the prices back into the range.
The OPEC basket comprises Algeria's, Saharan blend, Indonesia's mines, Nigeria's bonny light, Saudi Arabian light, Dubai of the United Arab Emirates, Venezuelas Tia Anniversary and Mexicos Isthmus crude.
(IRNA)