Issue No. 23

9 June 1997


OPEC Basket Rises By $1.29/B In May To Average $18.75/B

The spot price for the OPEC basket of seven crudes averaged $18.75/B inMay, an increase of $1.29/B over the April average of $17.46/B, according to figuresreleased by the OPEC Secretariat. The May average is $2.25/B below OPEC's minimumreference price of $21.00/B and $1.54/B below the 1996 average of $20.29/B. The weeklybasket average for May is as follows: $17.64/B for the first week, $18.81/B for the...