Wednesday, May 05, 2004

The famous (or infamous, take your pick) OPEC price band may be under revision.
OPEC's reference crude oil price rose to $34.13 a barrel Monday from Friday's $33.99, and Purnomo said on Tuesday the cartel was studying whether to raise the target band of $22-$28 to better reflect the strong market.

Venezuela is said to want it raised to $24-$30 and Nigeria has suggested it should be lifted to $25-$32.

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