OPEC oil surges to more than 100 dollars a barrel

VIENNA (AFP) – The price of oil produced by OPEC countries has topped the 100-dollar-per-barrel mark for the first time, the cartel said on Wednesday.

OPEC’s daily basket price, which is always published with a 24-hour delay and serves as the reference price for the Organisation of Petroleum Exporting Countries, rose to 100.57 dollars on Tuesday from 99.48 dollars the previous day, the cartel said in a statement.


The basket comprises 13 different crudes from all countries in the organisation, which produces about 40 percent of global oil supplies.

The OPEC price is tied to benchmark prices for light sweet crude oil, the highest quality crude, which are set on the main oil exchanges in London and New York.

AFP