OPEC crude price close to $117

May 9th, 2008 - 3:40 pm ICT by admin  

Vienna, May 9 (DPA) 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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