OPEC members agree average target price should be

OPEC members agree average target price should be $30/bbl: Iran

Tehran (Platts)--9Sep2004


OPEC members are in agreement that the group's average target price should be
$30/bbl, Iran's OPEC governor Hossein Kazempour Ardebili said Wednesday.

"There is a limited and meager difference of opinion about the possible change
of the OPEC oil price band and it seems most of the members are in one call to
increase the average OPEC basket price from $25 to $30/bbl," Kazempour said,
quoted by oil ministry news agency Shana. Kazempour suggested that the band
could be raised from the current $22-28/bbl to $27-33/bbl. "All OPEC members
are in consensus to increase [the band]," he said. Kazempour also said the
current composition of the OPEC basket was too light and sweet, suggesting the
basket should be broadened to include heavier and sourer crudes in order to
reflect better the organization's production. The basket, which stood at
$38.19/bbl Wednesday, comprises Algeria's Saharan Blend, Indonesia's Minas,
Nigeria's Bonny Light, Saudi Arabia's Arabian Light, Dubai of the United Arab
Emirates, Venezuela's Tia Juana, and non-OPEC Mexico's Isthmus crude.

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