No. 02

12 January 1998


OPEC Basket Falls $1.95/B To $16.89/B For December, 1997Average Down By $1.61/B

The spot price for the OPEC basket of seven crudes averaged$16.89/B in December, a decline of $1.95/B from the revised November average of $18.84/B,according to figures released by the OPEC Secretariat. The 1997 yearly average for theOPEC basket was $18.68/B, down $1.61/B from the 1996 average of $20.29/B. The 1997 fourthquarter average was $18.31/B, a drop of 53 cents/B from the...