VOL. XL

No. 27

7 July 1997

OPEC

OPEC Basket Falls By $1.45/B In June To Average $17.31/B

The spot price for the OPEC basket of seven crudes averaged $17.31/B in June, a declineof $1.45/B from the revised May average of $18.76/B, according to figures released by theOPEC Secretariat. The June average is $3.69/B below OPEC's minimum reference price of$21.00/B and $2.98/B below the 1996 average of $20.29/B. Meanwhile, the second quarteraverage for the OPEC basket was $17.81/B, down $2.96/B from...