OPEC Basket Price Up by 14 Cents
September 20, 2000 - 0:0
VIENNA The price of OPEC's basket of seven crudes increased by 14 cents and was $32.98 a barrel Monday.
This was up from $32.84 Friday according to OPEC calculations here, Tuesday.
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 production adjustment however, may change in order to bring the prices back into the range.
In August, the basket price averaged $28.30 a barrel, as opposed to $27.94 in July, $29.12 in June, $26.94 in May, $22.93 in April, $26.71 in March and $26.84 in February.
For the 2nd quarter of 2000, the basket price averaged $26.38 a barrel, as against $26.11 in the first quarter and $23.42 in the forth quarter of 1999.
For 1999 as a whole, the price of the basket averaged $17.47 a barrel, compared with $12.28 the previous year.
The OPEC basket comprises Algeria's, Saharan blend, Indonesia's Minas, Nigeria's bonny light, Saudi Arabian light, Dubai of the United Arab Emirates, Venezuelas Tia Juana and Mexicos Isthmus crude.
(IRNA)
This was up from $32.84 Friday according to OPEC calculations here, Tuesday.
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 production adjustment however, may change in order to bring the prices back into the range.
In August, the basket price averaged $28.30 a barrel, as opposed to $27.94 in July, $29.12 in June, $26.94 in May, $22.93 in April, $26.71 in March and $26.84 in February.
For the 2nd quarter of 2000, the basket price averaged $26.38 a barrel, as against $26.11 in the first quarter and $23.42 in the forth quarter of 1999.
For 1999 as a whole, the price of the basket averaged $17.47 a barrel, compared with $12.28 the previous year.
The OPEC basket comprises Algeria's, Saharan blend, Indonesia's Minas, Nigeria's bonny light, Saudi Arabian light, Dubai of the United Arab Emirates, Venezuelas Tia Juana and Mexicos Isthmus crude.
(IRNA)