The OPEC news agency reported Tuesday that the daily price of OPEC's basket of seven cruds when up 28c to $21.75 from Thursday's $21.47.
The basket price has been since Dec. 21 below the lower end of the OPEC's price band of $22-28, the OPEC's price band mechanism triggers a 500,000 barrels a day increase 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.
© 2001 Mena Report (www.menareport.com)
