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OPEC Oil Price
Hits $100 For the First Time
03-13-2008
The Organization of
Petroleum Exporting Countries (OPEC) says for the first time the price of its
produced oil has hit $100 a barrel.
OPEC's daily basket price climbed from $99.48 to $100.57 on Tuesday, the
organization said in a statement.
The rise in OPEC oil prices comes after US light sweet crude hit a record $109
due to a weakening dollar and increasing investment in commodities.
The US government's Energy Information Administration (EIA) has predicted that
OPEC will earn $927 billion from oil exports this year.
The 13-member organization, which produces about 40 percent of global oil
supplies, has earned $676 billion from oil sales in 2007, a 10-percent increase
from the previous year, said the EIA.
OPEC decided in a March 5 Vienna summit to keep output steady, saying surging
oil prices were the result of the depreciation of the dollar and speculations.
OPEC member states include Algeria, Angola, Ecuador, Indonesia, Iran, Iraq,
Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and
Venezuela.
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