VOL.XXXVI

NO.49

6SEPTEMBER 1993

OIL PRICES

OPEC Basket Price Slips Further To $15.93/B In August

The average spot price for the OPEC basketof sevencrudes

dropped by a further $0.03/B during August to $15.93/B, accordingtofigures released by the OPEC Secretariat.The

August 1993 price - over $5/B belowOPEC's$21/Bminimum

referenceprice-is the lowest monthlyprice registered

for the OPEC basket since July 1990,just before the Iraqi

invasion of Kuwait.

Theweeklybasketaverages for August were: $15.78/B...