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OPEC crude price up at 119.27 dollars

May 19, 2008, 8:17 GMT

Vienna - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) finished the week on a bullish note, data released by OPEC on Monday indicated. One barrel (159 litres) of crude from OPEC's 13-brand reference basket stood at 119.27 dollars on Friday, up 32 cents compared with the previous day, the Vienna-based OPEC secretariat said. Several bearish factors like Saudi Arabia's announcement that it was boosting output and a larger than expected stock build-up in the United States were not enough to pressure prices, OPEC analysts JBC in Vienna said. Saudi Arabian Oil Minister Ali al-Naimi said in a statement on Friday the country had boosted its production by 300,000 barrels per day (bpd) as of May 10. Both OPEC and the International Energy Agency (IEA) lowered their demand growth forecasts for 2008, OPEC by 40,000 bpd to 1.16 million bpd and the IEA by 230,000 bpd to 1.03 million bpd in their monthly reports. The cartel, which is responsible for about 40 per cent of global crude output, calculates an average basket price based on 13 important brands produced by its member states.

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