VOL. XXXIII

NO. 14

8-JANUARY-1990

OPEC Basket Price Rose by Over $3/B in 1989

According to OPEC calculations made available to MEES, the average spot priceof the OPEC basket of crudes rose by $3.03/B or 21.2% last year - from $14.28/Bin 1988 to $17.31/B in 1989.

By the last week in December, the average basket price had increased to$19.41/B. Moreover, the oil price explosion over the New Year has been such that- according to an approximate calculation made by MEES on the basis of thespot prices...