VIENNA, Oct. 26 - The weekly average prices of the Organization of Petroleum Exporting Countries (OPEC) reached new peak of 76.41 U.S. dollars per barrel last week, increasing by 4.20 dollars compared to the previous week, the Vienna-based cartel said Monday.
According to the figures released by OPEC on Monday, OPEC oil prices last week showed an obviously upward trend, consecutively creating the highest record of daily price this year.
On Oct. 15-22, OPEC daily oil price created new records for five times, and once maintained at the record. In the last trading day of last week it even reached 77.61 dollars per barrel, creating the highest record of OPEC daily price since Oct. 9 last year.
Analysts believed that, the rise in international crude oil prices was mainly due to the optimistic expectations of economic recovery, as well as the economic stimulus policy of global major economies resulting in currency depreciations.
In addition, investors are increasingly convinced that the economic recovery has been slowly launched, which would be followed by growth in demand for crude oil. Therefore, the sentiments of investment have been continually heated up.
Moreover, the increase in consumption of refined oil also supported the growth in oil demand. The latest figures released by the U.S. Energy Information Administration showed that, the inventories of U.S. gasoline and other fuel oil declined respectively by 2.3 million barrels and 800,000 barrels, which represented the decline in the U.S. gasoline inventories for two consecutive week.
Some experts pointed out that, the signal that the growth in consumption for terminal fuel is likely to stimulate the growth of refineries' production capacity, and more consumption in crude oil stocks would create a greater demand for the crude oil.
It is worth noting that, although OPEC has fixed a clear oil production quota for its member countries, with the rise in crude oil prices, member states tend to get rid of the enhanced limits.
The figure showed that, in September this year, the daily OPEC crude oil production reached 26.42 million barrels, which was significantly higher than OPEC's limit of 24.845 million barrels per day.
In addition, OPEC President and Oil Minister of Angola Jose Botelho de Vasconcelos recently said that if the excessively rapid increase in oil prices posed a threat to world economic recovery, OPEC would consider increasing the production quota at the ministry meeting in December.
According to the figures released by OPEC on Monday, OPEC oil prices last week showed an obviously upward trend, consecutively creating the highest record of daily price this year.
On Oct. 15-22, OPEC daily oil price created new records for five times, and once maintained at the record. In the last trading day of last week it even reached 77.61 dollars per barrel, creating the highest record of OPEC daily price since Oct. 9 last year.
Analysts believed that, the rise in international crude oil prices was mainly due to the optimistic expectations of economic recovery, as well as the economic stimulus policy of global major economies resulting in currency depreciations.
In addition, investors are increasingly convinced that the economic recovery has been slowly launched, which would be followed by growth in demand for crude oil. Therefore, the sentiments of investment have been continually heated up.
Moreover, the increase in consumption of refined oil also supported the growth in oil demand. The latest figures released by the U.S. Energy Information Administration showed that, the inventories of U.S. gasoline and other fuel oil declined respectively by 2.3 million barrels and 800,000 barrels, which represented the decline in the U.S. gasoline inventories for two consecutive week.
Some experts pointed out that, the signal that the growth in consumption for terminal fuel is likely to stimulate the growth of refineries' production capacity, and more consumption in crude oil stocks would create a greater demand for the crude oil.
It is worth noting that, although OPEC has fixed a clear oil production quota for its member countries, with the rise in crude oil prices, member states tend to get rid of the enhanced limits.
The figure showed that, in September this year, the daily OPEC crude oil production reached 26.42 million barrels, which was significantly higher than OPEC's limit of 24.845 million barrels per day.
In addition, OPEC President and Oil Minister of Angola Jose Botelho de Vasconcelos recently said that if the excessively rapid increase in oil prices posed a threat to world economic recovery, OPEC would consider increasing the production quota at the ministry meeting in December.
