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Last updated at: (Beijing Time) Tuesday, October 14, 2003

OPEC crude prices rise to nearly 30 dollars a barrel

Crude prices of the Organization of Petroleum Exporting Countries (OPEC) surged further last week, reaching 29.88 dollars a barrel during the late dealing Friday, the Organization reported Monday.


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Crude prices of the Organization of Petroleum Exporting Countries (OPEC) surged further last week, reaching 29.88 dollars a barrel during the late dealing Friday, the Organization reported Monday.

The OPEC's move to cut its production has fueled the price surge on the world market, creating a 4.29 dollars rise for a barrel since Sept. 24, when the organization cut the production quotas of its member countries.

Although the market is heading higher, OPEC will not rule out fresh output cut. OPEC Chairman Abdullah Bin Hamad Al-attiya said Thursday in Tokyo it was still early to predict the influence of the move on the international market, but he hoped the non-OPEC oil producers could support the organization's efforts in stabilizing oil prices.

According to the October monthly report released by the International Energy Agency (IEA), the world energy watchdog, supplies on the world market remained stable and Iraq and some major non-OPEC exporters like Russia and Norway have expanded their output.

Russian Energy Minister Igor Yusufov said Friday that OPEC, which thought 28 to 30 dollars a barrel was normal, was trying to keep prices too high and Russia would continue to expand its crudeoutput. The reasonable price should be kept at 20 to 25 dollars a barrel, he said.

The present price surges are also fueled by concerns over energy supplies for the coming winter in the northern hemisphere, and the low oil reserves of the major industrial consumers, which could be vulnerable in case of terrorist attacks and other emergencies.

Analysts predict that the price will begin to fall back during the first quarter next year, and reach 25 dollars a barrel in the second quarter.


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