By DPA
Vienna : The price of crude produced by the Organization of the Petroleum Exporting Countries (OPEC) was up at the beginning of the week but the cartel said it had no plan to hike output.
One barrel (159 litres) of crude from OPEC’s 13-brand reference basket stood at 101.16 dollars Monday, up 2.53 dollars compared with Friday’s price, OPEC said.
The latest hike came as OPEC Secretary General Abdullah al-Badri indicated that there was more than enough oil on the market.
In an interview with an Iranian newspaper published Tuesday, al-Badri said oil prices were “proper and fair.”
The market was oversupplied with crude, he added.
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