VOL. XLVI

No 51/52

22/29-December-2003

OPEC

Crude Oil Formulas/Posted Prices ($/B)

Venezuela

2003

2003

2002

($/B)

Nov

Oct

Sep

Aug

Jul

Jun

May

Apr

Mar

Feb

Jan

Avg

Avg

Basket Price

25.32

24.98

22.90

26.30

25.18

24.97

22.65

22.49

27.58

30.51

28.84

25.58

21.95

Note: All prices are subject to revision.

The above are average prices announced by Venezuelas Ministry of Energy and Mines for oil exports.

The prices are based on a basket...