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)
