OPEC Weekly Basket Price Rises to $27.99

Published May 30th, 2000 - 02:00 GMT

The price of OPEC's Basket of seven crudes rose to $27.99 a barrel last week, compared with $27.97 in the third week of May, reported Iran News Agency (IRNA) Tuesday.  

According to figures released by the OPEC secretariat in Vienna Monday, the price of the Basket so far this year (up to May 25th), has averaged $25.60 a barrel, the agency added.  

In April, the Basket price averaged $22.93 a barrel, as opposed to $26.71 in March and $26.84 in February.  

For the first quarter of 2000, the Basket price averaged $26.11 a barrel, as against $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, IRNA said.  

The OPEC basket comprises Algeria's Saharan Blend, Indonesia's Minas, Nigeria's Bonny Light, Saudi Arabia's Arabian Light, Dubai of the United Arab Emirates, Venezuela's Tia Juana and Mexico's Istmus Crude – Albawba.com  

 

© 2000 Al Bawaba (www.albawaba.com)

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