VOL. XLVII

No 17

26-April-2004

OPEC

OPEC Denies Report Of New Formula For Basket Oil Price

OPEC issued a statement on 21 April denying a Reuters story published on 20 April, which reported that OPEC had introduced a new formula for assessing its reference crude that takes account of exchange rate movements and inflation. The story said that the Secretariat was running trials on the new oil price basket formula in parallel with the existing one. The OPEC Secretariat wishes to state that this story...