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OPEC crude price close to $117
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| OPEC currently produces about 32 million barrels of crude oil per day |
IANS | 09 May, 2008
The price for crude oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) continued its record-breaking climb towards the end of the week, OPEC said Friday.
One barrel (159 litres) of crudes from OPEC's reference basket stood at $116.93 Thursday, up 90 cents from the previous day.
On Thursday, OPEC Secretary General Abdalla Salam el-Badri said current high prices were not connected to market fundamentals, as markets remained well supplied.
OPEC's Vienna-based secretariat calculates an average basket price based on 13 important brands produced by its member states. The 13-member cartel currently produces about 32 million barrels per day, which is 40 percent of global crude output.
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| Top Stories |
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| Commented Stories |
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
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40.50
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39.90 |
UK Pound
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80.05
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78.70 |
Euro
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63.65
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62.55 |
| Japanese
Yen |
38.95 |
38.20 |
| As on 18 May, 2008 |
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