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.
