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OPEC oil price hits new weekly record
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10:21, February 26, 2008

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The weekly average oil price of the Organization of Petroleum Exporting Countries (OPEC) hit a new record high of 92.97 U.S. dollars per barrel last week, 0.47 dollars higher than the last record, the Vienna-based cartel said on Monday.

The OPEC daily average oil price remained above 91 dollars per barrel during last week and hit the record high of 94.23 dollars on Feb. 20. It dropped to 92.62 dollars in the following two days, but still remained at a high level.

Experts are concerned that the oil prices of OPEC would continue rising after the oil price in the international oil market in the United States approached 100 dollars per barrel again on Monday.

Fear surrounding the possible decision of oil output reduction in the OPEC ministerial conference slated for March 5 sharpened the contradiction of supply and demand in the international oil market, while the recent geopolitical crisis in northern Iraq prompted worries about the stability of the oil supply. These two reasons kept oil prices rising.

Experts pointed out that some factors like warmer weather in the northern hemisphere and the slowing down of the world's economic growth would lead to a decline in the demand for crude oil, which would make OPEC decide to cut its oil output at the next ministerial conference in order to maintain the price level.

According to press reports, Iran's oil minister has said that he would propose oil reduction in the upcoming ministerial meeting.

Source:Xinhua



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