VIENNA - The price of the OPEC basket of seven crude oils has climbed to a record 47.01 dollars a barrel, the organisation's official news agency OPECNA said Thursday.
"The basket set a record and stands at its highest level since the 1980s," said Abdulrahman al-Kheraigi, spokesman for the Organisation of Petroleum Exporting Countries.
OPEC created the basket of crude prices in January 1982 for its internal use. It has published the data since January 1987.
The price gained 0.84 dollars on Wednesday, but the oil cartel always makes its announcement one day later.
The previous record was 46.61 dollars, set on October 21.
"This movement is explained by winter conditions in the United States, a global shortage of heating fuel and geopolitical factors in certain producer states, particularly in Iraq," the spokesman said.
On Thursday, oil prices remained at their highest level in four months, and were close to all-time highs set in October.
The price of benchmark Brent North Sea crude oil rose eight cents to 51.50 dollars per barrel in London trading.
New York's main contract, light sweet crude oil for delivery in April, the new benchmark, slipped 10 cents to 52.95 dollars per barrel in pre-opening electronic trading.
In late October, oil prices hit record highs of 51.94 dollars in London and 55.67 dollars a barrel in New York.
03/03/2005 14:43 GMT