Weekly average oil prices of the Organization of Petroleum Exporting Countries (OPEC) set a new record of 129.74 U.S. dollars per barrel (dpb) last week, the Vienna-based cartel said Monday.
This was 8.29 dollars higher than the previous week, up 5.44 dollars from the last record of 124.30 dollars dpb set at the end of May.
Daily prices last week started with a peak of 130.87 dollars dpb Monday before retreating swiftly to 128.65 dollars dpb on Tuesday. They rose slowly in the following trading days, standing again over 130 dollars on Friday.
In its monthly report released Friday, OPEC attributed the oil market volatility in May to speculative pressure, fluctuations in the U.S. dollar and geopolitical concerns.
Emphasizing the balance of supply and demand in the international oil market, OPEC lowered its forecast of oil demand in 2008 for the third time to 86.9 million barrels.
Meanwhile, the cartel said largest producer Saudi Arabia would possibly increase its daily output from the present level of about9.45 million barrels to 9.7 million barrels or higher.
The news has somewhat eased the hike in prices, with light crude oil in the U.S market dropping 1.28 dollars to 133.58 dpb on Monday.
OPEC is also set to hold an emergency summit in Saudi Arabia on June 22 to address the soaring prices.
But some analysts point out that raising oil output can hardly solve the problem of high oil prices, saying it is time for oil consumers to think about ways to reduce their reliance on crude oil.
Source: Xinhua
|
Comment
Tell A Friend
Print Format
Save Article