World

Bolivia

Peru

Venezuela

Trinidad
&
Caribbean

OPEC 'basket' price tops 85 dollars for first time

VIENNA
Petroleumworld.com 10 31 07

OPEC's "basket" price of crude oil, based on production in 12 different countries, has risen above 85 dollars a barrel for the first time, the cartel said here Tuesday.

The daily basket price jumped 1.04 dollars Monday to hit 85.84 dollars, OPEC said in a statement.

The basket price, which is always published with a 24-hour delay, serves as the reference price for output policies of the Organization of Oil Exporting Countries.

On Monday, the benchmark New York oil contract hit record levels at 93.53 dollars before slipping back Tuesday to 92.93 dollars.

OPEC, which has said that record prices reflect speculative activity in a basically well-supplied market, is due to boost output officially by 500,000 barrels per day from Thursday.

Story from AFP 30 1123 GMT 10 07

Copyright© 2007 Petroleumworld. All rights reserved.

---

 

Send this story to a friend

Your feedback is important to us!

We invite all our readers to share with us
their views and comments about this article.

Write to editor@petroleumworld.com

Any question or suggestions, please write to:
editor@petroleumworld.com

Best Viewed with IE 5.01+
Windows NT 4.0, '95, '98 and ME +/ 800x600 pixels

Contact:editor@petroleumworld.com/phones:(58 412) 996 3730 or 952 5301
www.petroleumworld.com-Editor:Elio Ohep /Publisher-Producer:Elio Ohep.
Contact Email: editor@petroleumworld.com
Legal Information. CopyRight © 2002, Elio Ohep.- All rights reserved

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.