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.