Text Version
RSS Feeds
Newsletter
Home Forum Photos Features Newsletter Archive Employment
About US Help Site Map
SEARCH   About US FAQ Site Map Site News
  SERVICES
  -Text Version
  -RSS Feeds
  -Newsletter
  -News Archive
  -Give us feedback
  -Voices of Readers
  -Online community
  -China Biz info
  What's new
 -
 -
OPEC oil price hits new record high
+ -
08:28, February 22, 2008

 Comment  Tell A Friend
 Print Format  Save Article
The daily average oil price of the Organization of Petroleum Exporting Countries (OPEC) hit a new record high of 94.23 U.S. dollars per barrel on Wednesday, the Vienna-based cartel said on Thursday.

The new peak, 0.45 dollars higher than the previous record of 93.78 dollars per barrel registered on Jan. 3, came as the oil price in the international oil market in the United States kept soaring this week and surpassed 100 dollars per barrel again recently.

Marketing analysts pointed out that the increase of global oil consumption, the recent geopolitical crisis, which worsened the fear for the oil supply in the international market, and speculation could be taken as the main factors driving up the oil price.

However, the direct influential factor could be the concern in the market about the possible output cut by OPEC at the upcoming ministerial conference on March. 5.

In view of the evident slowdown of the U.S. economy and the end of the winter in the Northern Hemisphere, more and more experts believe that the world demand for crude oil would go down.

Meanwhile, due to OPEC's deep concern about the drop in demand, many OPEC officials said recently that the cartel might consider cutting its current output at the upcoming ministerial conference.

Source:Xinhua



  Your Message:   Most Commented:

|About Peopledaily.com.cn | Advertise on site | Contact us | Site map | Job offer|
Copyright by People's Daily Online, All Rights Reserved

http://english.people.com.cn/90001/90778/90858/90863/6358636.pdf