OPEC crude price down by 1.35 dollars

Business Materials 25 February 2008 13:00 (UTC +04:00)

(dpa) - The price for crude produced by members of the Organization of the Petroleum Exporting Countries (OPEC) dropped towards the end of the week after peaking at 94.23 dollars on February 20, OPEC said Monday.

On Friday, one barrel (159 litres) of crude from OPEC's reference basket of twelve cartel-produced brands stood at 92.62 dollars, down 1.35 dollars compared with the previous day.

Crude prices had tended upwards during the week, shored up by supply concerns over Venezuela's dispute with US-oil company ExxonMobil and unrest in Nigeria, added by a mid-week slide of the dollar, Vienna-based analysts JCB said.

Prices had also gone up over concerns that OPEC might cut its production quotas at its upcoming March 5 meeting, as demanded by members Iran or Venezuela. Other OPEC members, however, ruled out cuts.