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OPEC Oil Price Bounces Back to 25 Dollars Per Barrel
The benchmark oil price bounced back to 25 US dollars per barrel at the end of last week, following a straight-three-week drop, said a news release from the OPEC secretariat on Monday.
According to the Vienna-based Organization of Petroleum Exporting Countries (OPEC) secretariat, the basket price of the seven OPEC crudes dropped from 24.07 dollars a barrel one week ago to 24.58 dollars a barrel at the end of last week, which was lower to the OPEC reference price of 25 dollars a barrel, a level deemed to be reasonable and sustainable by OPEC countries.
The average OPEC oil price in February this year was 25.41 dollars per barrel.
OPEC raised its oil production four times last year to address the worldwide oil shortages and price hikes. The daily oil production of the oil cartel had been increased by 3.7 million barrels totally.
The oil price, however, changed its way downward in February this year in the wake of slowing signs in the US economy, which somehow reduced its demand for oil.
The OPEC is slated to hold its Spring meeting in Vienna on March 16 to discuss further oil policies to be adopted. OPEC President Algerian Energy Minister Chakib Khelil said Saturday that the cartel would not rule out an output reduction in order to stabilize oil prices.
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