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The price of OPEC basket has exceeded 64 USD/Barr.
16 April 2007This year the price of OPEC oil basket has exceeded a mark 64 USD./Barr. for the first time. As of April, 13th the price of a basket has made 64,71 (+1,05) USD./Barr.
The parameter was established on the highest mark after September, 1st, 2006, when the price of a basket was above 65 USD./Barr.
It is also worth of mentioning that in the end of the last week the price of oil during the tenders in London has established a new record for 2007. So, the ceiling price of the transaction under Brent future with delivery in May has reached 69,59 USD./Barr., that is on 1 cent above the previous record parameter of current year.
Quite stable rise in prices on oil futures at world stock exchanges is observed from the end of March 2007. In experts’ opinion, such situation is connected with the expectation of the further reduction of stocks of mineral oil in the USA and, accordingly, the high prices for gasoline. Long before the beginning of an active phase of an automobile season in the country, the price for gasoline keep at record level for more than seven months.
The high prices for oil are also caused by the reduction of its deliveries to the world market. So, oil supply to the world market in March 2007 have decreased (in comparison with the last month) on 265 thousand Barr./Day and have made 85,3 million Barr./day. In experts’ opinion the reduction of oil deliveries on the world market is caused by the decrease in oil extracting in the OPEC countries and problems in oil-extracting branch in some countries.
The term “OPEC basket” (OPEC Reference Basket of crudes) has been officially entered on January, 1st 1987. From the middle of June 2005 the price of a basket is defined as an average arithmetic parameter of the physical prices of following 11 grades of the oil extracted by the countries of cartel: Saharan Blend (Algeria), Minas (Indonesia), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (the price mark of 72,67 USD/Barr. is a maximum for OPEC basket in Saudi Arabia), Murban (United Arab Emirates) and BCF 17 (Venezuela).
Historical barrel has been registered on August, 8th, 2006.
- The price of oil “basket” has reached a historical maximum
- The price of OPEC’s “basket” has established a new record
- OPEC’s price “basket” has exceeded 70 doll./barr.
- If the prices for oil fall, OPEC will take new emergency measures
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