BNW

B N W: Biafra Nigeria World News

... Basket Hits Highest Price in 20 Years The Organisation of Petroleum Exporting Countries (OPEC's) reference basket of seven crude oils hit its highest level in over two decades last Thursday, rising to $39.55 a barrel, up 26 cents from Wednesday, OPEC's official news agency has said. It highest ever price was $41.80/bbl, reached on Nov. 20, 1980, according to the OPEC secretariat. OPEC's basket price has been above its preferred target band of $22-$28/bbl since Dec. 2 but the group has chosen not to use its automatic mechanism of upping output to bring the price back into the range, attributing high oil prices to geopolitics and speculation on oil futures markets. The group raised its production quota by 2 million barrels a day on July 1, and by another 500,000 b/d Aug. 1. Previously the group aimed to keep the basket price within a $22-$28/bbl range by raising output by 500,000 b/d if the basket price held above $28/bbl for 20 consecutive trading days, or lowering output by 500,000 b/d if the basket price went below $22/bbl for 10 consecutive trading days. Set in 1986, OPEC's basket price is based on the average prices of Algerian Saharan Blend, Indonesian Minas, Nigerian Bonny Light, Saudi Arabian Arab Light, Dubai Fateh, Venezuelan Tia Juana Light and Mexican Isthmus. The basket price is provided by Opecna, OPEC's news agency, in a report monitored in London. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

	BNW News
Voice of Biafra | Biafra World | Biafra Online | Biafra Web | MASSOB | Biafra Forum | BLM | Biafra Consortium
	© 2001 BNW BiafraNigeriaWorld  Privacy Policy ---------------------------------------------------------------------------------- Powered by ACENetwork ----------------------------------------------------------------------------------
	Axiom PSI Yam Festival Series, Iri Ji Nd'Igbo the Kola-Nut Series,Nigeria Masterweb