VOL. XXXVI

NO. 45

9 AUGUST 1993

OIL PRICES

OPEC Basket Price Dropped To $15.95/B In July

The average spot price for the OPEC basket of seven crudes dropped sharply by$1.16/B to $15.95/B for July, according to figures released by the OPECSecretariat. The July 1993 price - over $5/B below OPEC's $21/B minimumreference price - is the lowest monthly price registered for the OPEC basketsince July 1990, just before the Iraqi invasion of Kuwait.

The weekly basket averages in July were: $16.03/B for the...