OPEC sees average 2002 oil price at $22 a barrel

OPEC sees average 2002 oil price at $22 a barrel

Associated Press Caracas

OPEC's secretary general said Wednesday that oil prices will average US$22 a barrel this year, expressing confidence that prices will remain within the group's target range.

A recent 1.5 million barrels a day production cut by the Organization of Petroleum Exporting Countries has been successful in stemming a slide in oil prices, added Ali Rodriguez in an interview with Venezuelan state news agency Venpres.

Rodriguez, a former Venezuelan oil minister, said OPEC is not planning new measures to bolster prices, which have recovered slightly after sliding more than 30 percent since the Sept. 11 terror attacks in the United States.

He added that he expects a rebound in the U.S. economy to help boost demand for crude oil.

Light sweet crude was $20.59 per barrel at noon Wednesday on the New York Mercantile Exchange. OPEC has a target price range of $22 to $28 a barrel for a blend of seven crudes it monitors.

OPEC's oil basket was $18.09 a barrel on Dec. 27, the last day the price was available, according to OPEC's official news agency, Opecna.

Last month, the 11-member OPEC announced a 6 percent production cut after five independent oil producing countries agreed to a combined reciprocal reduction of 462,500 barrels a day.