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 weekly oil prices drop again
+ -
19:29, September 28, 2009

 Related News
 OPEC oil prices edge slightly higher
 Kuwaiti oil official forecasts OPEC output cut next year
 Kuwaiti oil official forecasts OPEC output cut next year
 Oil prices climb slightly last week: OPEC
 OPEC maintains oil output quota
 Comment  Tell A Friend
 Print Format  Save Article
The last weekly average prices of the Organization of Petroleum Exporting Countries (OPEC) dropped to 66.80 U.S. dollars per barrel, showing a reduction of 1.3 U.S. dollars compared to the previous week, said the Vienna-based cartel Monday.

OPEC weekly average oil prices reached the peak value of 72.04 U.S. dollars a barrel this year at the first week of August, but it has been showing a downward trend with oscillation.

On the five trading days of last week, OPEC daily average oil prices had only a rebound of 0.17 U.S. dollars on Tuesday (September 22), while it kept falling for the other four days. On the last two trading days, it had even the daily reductions of respectively 2.75 U.S. dollars and 1.12 dollars.

All of these corroborated the concerns from investors, who have been worrying that the rebound of demand for international crude oil may not be as strong as previously expected.

Last week, the news of Iran's missile tests had stimulated oil prices for a while, but it did not halt the slide in oil prices. On the other hand, the slight increase in U.S. dollar exchange rate against euro caused the pressure on oil prices to a certain extent.

In addition, according to the figures, till August this year, OPEC's crude oil output had been consecutively increasing for 5 months.

The OPEC daily average crude oil production of August amounted to 29.45 million barrels, representing 0.95 million barrels more than the demand expected in the latest OPEC monthly report for OPEC crude oil in world market in 2009.

According to the figures from the British institution for crude oil market analysis "Oil Movements", in these 4 weeks to September 10, the daily shipping volume in OPEC crude oil is 22.49 million barrels, 0.16 million barrels more than the previous 4 weeks.

As the approach of the peak oil demand of Northern Hemisphere in winter, the institution expected that the amount of OPEC crude oil shipments may further increase in the next few months.

Therefore, despite the adequate supply in international oil market, the increasing strong expectation of world economic recovery, as well as the weaker U.S. dollar, the future basic trend of international crude oil prices may fluctuate with wide range.

Source:Xinhua



  Your Message:   Most Commented:
Indian media stinks up public opinions
Which country has the most beautiful women?
World's top ten most mysterious and horrible spots
How do India's middle school textbooks portray China?
China denies entering other countries' airspace

|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/90001/90778/90858/90865/6771923.pdf