OPEC crude prices reach $33.84 a barrel

The prices for a basket of seven OPEC crudes continued to increase and reached $33.84 per barrel on Thursday, compared to US$33.57 recorded on Wednesday, according to data released by OPEC news agency on Friday.

OPEC crude oil prices have been exceeding OPEC target of an average of between $22 and $28 per barrel for 19 consecutive trading days.

According to an informal mechanism agreed by OPEC ministerial meeting last June, OPEC will readjust its production level by around 500,000 barrels per day if international crude oil prices reach above $22-$28 per barrel level for 20 consecutive trading days or below $22-$28 per barrel level for 10 consecutive trading days.

Based on that mechanism, OPEC must decide to increase its production level by 500,000 barrels per day on Saturday, but OPEC ministers would not meet until Sunday to review the production level. (*)