The price of crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) set anew record of 116.93 U.S. dollars per barrel (dpb), OPEC said Friday.
OPEC crude oil price has kept rising for five consecutive trading days since May 1 and stood at 116.93 dbp Thursday, up 90 cents from the previous day.
OPEC General Secretary Abdullah Salem El-Badri said Thursday that the rise of oil prices should be attributed to volatility on financial markets and lots of speculations aroused by depreciation of the U.S. dollar.
He insisted the oil market was well-supplied, saying some OPEC member countries even could not find buyers for part of their oil.
The 13-member OPEC currently produces about 32 million barrels per day, which is about 40 percent of the global crude output.
Source: Xinhua
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