NO. 14


Oil Prices

OPEC Basket Price Averages $18.65/B in 1991

The average spot price for the OPEC basket of seven crudes for the year 1991was $18.65/B, according to figures just released by the OPEC Secretariat. Theannual 1991 price is $2.35 less than the $21/B minimum reference price agreedupon during the OPEC ministerial conference meeting of July 1990. The averagebasket price for 1990, which was greatly influenced by the Gulf crisis, was$22.26/B while that for 1989 was...