31 May 2007 - 18:16
  • News Code: 106026

LONDON - The value of the Organization of Petroleum Exporting Countries" basket of 11 crude oils rose $1.85 to an average $66.40 a barrel last week, up from $64.55 a barrel the previous week, OPEC said Monday.

OPEC"s basket of 11 oils includes Sahara, Minas, Iran Heavy, Basra Light, Kuwait Export, Es Sider, Bonny, Qatar Marine, Arab Light, Murban and BCF 17 ( Furrial).

 

OPEC devised a new basket after members complained the old basket overstated the value of the group"s output.

 

They pushed for a basket that better represented grades that are higher in sulfur and, as such, relatively cheaper.

 

On January 30, 2005 OPEC suspended its official $22 to $28 a barrel price band because concerns about global stability have pushed oil prices up sharply, rendering it irrelevant.

 

 

PIN/DOW JONES

 

News Code 106026

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