Crude Oil Basket Moves News

OPEC President Ali Rodriguez said that the oil cartel could alter its production levels before its members meet again in June if the 20-day average price of its crude oil basket moves outside the target $22-$28 range. Rodriguez, also Venezuela's Energy and Mines Minister, told a news conference with foreign correspondents that it was too early to assess OPEC's March 27 decision to increase production by 1.7 million barrels per day (bpd) and adopt the price band mechanism, but he was not worried by the current price of oil. OPEC's oil basket price has fallen below the bottom of the cartel's target range in recent days, although the 20-day average price stood at $24.36 per barrel last Tuesday, according to figures compiled by Reuters.