NO. 15


Oil Prices

OPEC Basket Price Falls By $0.80/B To $15.53/B In 1994

The average spot pricefor the OPEC basket of seven crudes averaged $15.53/B for 1994, $0.80/B belowthe 1993 average of $16.33/B. This marks the fourth year of continuous declinein the OPEC basket price since its high point of $22.26/B in 1990. The 1994level is $5.47 below OPEC's so-called "minimum reference price" of$21/B. The fourth quarter basket average of $16.26/B was $0.42/B below the third...