Global Oil Prices Drop With Good Weather News

December 10, 2004

VIENNA – The Secretariat of theOrganization of Petroleum ExportingCountries (OPEC) announced Mondaythat the price of crude oil fell $0.07 lastweek to an average of $38.50 per barrel.The average price of OPEC crude in 2003was $28.10.The 11 OPEC members, Saudi Arabia,Algeria, the United Arab Emirates,Indonesia, Iraq, Iran, Kuwait, Libya,Nigeria, Qatar and Venezuela, have set anofficial oil price target band of $22-28 perbarrel.In October, the price of oil skyrocketedto $45.37, an OPEC record.Recent price reductions are partiallydue to reports that the winter season inthe United States, the world’s largest consumerof petroleum, will be less severethan initially predicted by meteorologists.The OPEC Secretariat said prices willlikely continue to drop unless thesereports change.

Facebook Comments

You may be interested

The Tico Times Weekly Digest: Oct. 15, 2018
Tico Times Weekly Digest
276 views
Tico Times Weekly Digest
276 views

The Tico Times Weekly Digest: Oct. 15, 2018

The Tico Times - October 15, 2018

In this week's episode of the Weekly Digest, a wrap-up of last week's heavy rains, plus more news from around…

Guatemala Fuego eruption is over: officials
Guatemala
458 views
Guatemala
458 views

Guatemala Fuego eruption is over: officials

AFP - October 15, 2018

The most recent eruption of Guatemala's Fuego volcano ended Saturday, an official source said, with locals escaping a repeat of June's…

October in Costa Rica: when the Caribbean comes a’callin’
Pic of the Day
531 views
Pic of the Day
531 views

October in Costa Rica: when the Caribbean comes a’callin’

The Tico Times - October 15, 2018

Costa Rica's Caribbean coast is famously exempt from many of the typical weather patterns in the rest of the country.…