OPEC crude price climbs past $100 mark

March 28th, 2008 - 5:45 pm ICT by admin  

Vienna, March 28 (DPA) The price for crude oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) soared past $100 again, following reports of an attack on an Iraqi oil pipeline, thereby increasing supply concerns. The OPEC secretariat in Vienna said Friday that one-barrel (159 litres) of crude stood at $100.36 Thursday, up $1.94 from the previous day.

An attack on an oil pipeline in southern Iraq, following a period of relative calm, caused Iraqi crude production to fall from approximately 1.5 million barrels per day to about 550,000 barrels within one day, but was up to normal standards later, Vienna-based analysts said.

The cartel calculates an average basket price based on 13 important brands produced by OPEC member states.

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