OPEC crude price spikes at 98 dollars
(dpa) - The price for crude produced by the Organization of the Petroleum Exporting Countries (OPEC) is reaching ever new records, after the cartel's decision to maintain output levels.
According to the OPEC Secretariat on Friday, one barrel (159 litres) of OPEC-produced crude stood at 98.46 dollars on Thursday, up 2.51 dollars from the previous day.
At their meeting on Wednesday, the cartel's 13 energy ministers ignored calls by Western consumer countries for an output hike and decided to leave production levels steady.
Markets were well supplied, OPEC said, arguing that current prices were disconnected from market fundamentals.
OPEC, which pumps about 40 per cent of the world's crude, calculates an average basket price of 12 important brands produced by member states.