Vol. XL

No. 2

13 January 1997

OIL PRICES

OPEC Basket Averages $23.51/B For December,Ends Year At $20.29/B

The spot price for the OPEC basket of seven crudesaveraged $23.51/B in December, an increase of $1.28/B over the revised November average of$22.23/B, according to figures released by the OPEC Secretariat. Furthermore, the fourthquarter average rose by $2.83/B over the third quarter from $20.23/B to $23.06/B. On theyearly average, the basket rose to $20.29/B, just 71cents/B short of OPEC's...