OGJ Newsletter

Market MovementOPEC denies changed price formulaThe Organization of Petroleum Exporting Countries denied news reports that the group is using a new formula to calculate the daily price of its basket of seven benchmark crudes.OPEC cited an Apr. 20 report by Reuters News Service that the group "is running a new trial crude oil basket in parallel with the existing one." According to that report, the new formula involves exchange rates of the weakened US dollar vs. other key currencies, particularly the euro, since many OPEC members purchase goods from European Union countries.OPEC said its basket price still is "calculated using the same formula, which is based on a simple average of closing...

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