VOL. XXXVI

NO. 15

11-JANUARY-1993

OIL PRICES

OPEC Basket Price Averages $18.41/B in 1992

The average spot price for the OPEC basket of seven crudes for the year 1992was $18.41/B, according to figures just released by the OPEC Secretariat. Theannual 1992 price is $2.59 less than the $21/B minimum reference price agreedupon during the OPEC Ministerial Conference of July 1990, and is also less thanthe average price for 1991 ($18.66/B) and 1990 ($22.26/B).

Prices remained weak throughout the past...