OPEC oil price declines for first time in five weeks

VIENNA, Feb. 25 (Xinhua) -- The weekly average price of the Organization of Petroleum Exporting Countries (OPEC) declined to 112.66 U.S. dollars per barrel last week, compared with 114.50 dollars a week earlier, the Vienna-based cartel said Monday.

Affected by the uncertain monetary policy of the U.S. Federal Reserve, last week saw the first weekly decline in OPEC basket prices in the past five weeks.

However, negotiations between Iran and the 5+1 group (five permanent members of the UN Security Council and Germany) are set to begin Tuesday, which could drive up prices if the meeting produces no agreement. There are also fears regional instability could block global oil supply routes.

According to the International Energy Agency's forecast, globe daily average demand in 2013 would remain at 90.8 million barrels per day, an increase of 0.24 million barrels compared with the previous forecast.

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