VOL. XXXVII

NO. 15

10 JANUARY 1994

Oil Prices

OPEC Basket Price Falls To $12.88/B In December, Yearly Average $16.33/B

The average spot price for the OPEC basket of seven crudes fell by $1.59/B inDecember to $12.88/B from $14.47 in November, according to figures released bythe OPEC Secretariat. This is the lowest monthly average for the OPEC basketsince September 1988 when it averaged $12.65/B. The December price is $8.12/Bbelow OPEC's $21/B minimum reference price.

The average basket price for the...