OPEC crude price continues record climb

May 8th, 2008 - 7:33 pm ICT by admin  

Vienna, May 8 (DPA) The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) continued its record-breaking climb, the Vienna-based OPEC secretariat said Thursday. One barrel (159 litres) of OPEC crudes stood at $116.03 Wednesday, a new all-time high. The price rose by $1.28 compared with the previous day.

According to OPEC analysts JBC in Vienna, crude supply concerns should have lifted to some extent, as ExxonMobil returned to its normal production levels of around 800,000 barrels per day in Nigeria after a strike.

OPEC calculates an average basket price based on 13 important brands produced by cartel members.

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