OPEC Crude Basket up 4c to $30.26/Bbl on Mon from $30.22 Friday

Published November 7th, 2000 - 02:00 GMT

OPEC's news agency Opecna said Tuesday, that the price of OPEC oil basket of seven crude when up 4c to $30.26 a barrel Monday ,versus $30.22/bbl on Friday. 


The OPEC basket is based on the average prices of 7 cruds, Algerian Saharan Blend, Dubai Fateh, Indonesian Minas, Mexican Isthmus, Nigerian Bonny Light, Saudi Arabian Arab Light and Venezuelan Tia Juana Light . 


Monday was the sixth day the OPEC basket price was over $28/bbl since the price band mechanism was triggered on Friday Oct. 27, causing OPEC to increase production. 


OPEC said it will raise output by 500,000 barrels a day if the basket price holds above $28/bbl for 20 consecutive trading days, or lower output by 500,000 b/d if the basket price moves below $22/bbl for 10 consecutive trading days.  


© 2000 Mena Report (www.menareport.com)

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