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OPEC says oil prices stable

Vienna, 13th September 2001— The oil cartel OPEC said Thursday that its oil prices had dug in at $26 per barrel, while the European Union Commission expressed its thanks to the group for its “responsible” acts in the wake of the terrorist attacks in the U.S.

The Secretariat of the Organization of Petroleum Exporting Countries said the $26 rate on Wednesday was 43 cents lower than the prices which OPEC oil  had shot up to after the horrific airplane-crash attacks on the World Trade Centre in New York and Pentagon in Washington.

But the latest price levels are still firmly higher than the $24.72 average for its oil  last week, OPEC said in Vienna.

The cartel had moved quickly to assure stability on oil  markets in the wake of the terrorist attacks, pledging to keep markets adequately supplied with oil , actions which the EU Commission applauded.

“I would like to thank OPEC,” Energy Commissioner Loyola de Palacio said in Brussels. The boost in production by the cartel had assured that there were no speculation-driven price increases.

“OPEC slowed down the price rise. This is a clear and responsible position,” she said, adding that Europe would not see a shortage of crude oil .

The cartel's ministers next meet in Vienna on September 26 to review price and production issues.

Source: SPA©


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