VIENNA - The weekly average oil prices of the Organization of Petroleum Exporting Countries (OPEC) rose slightly by 0.57 dollars, topping 124.30 dollars per barrel (dpb) last week, the Vienna-based cartel said Monday.
The daily prices set a record high of 127.59 dpb on May 22 and retreated steadily last week. The prices even touched 121.68 dpb Friday, 5.91 dollars lower than the historic high.
OPEC President Chakib Khelil, also the energy minister of Algeria, said Saturday that the high prices were "much more linked to speculation" and insisted that "there is no problem of supply."
He said the oil prices were linked closely to the exchange rate of the U.S dollar, which fell deeply against other currencies this year and drove oil prices to record levels.
Head of OPEC research body Hasan Qabazard said Thursday oil production will exceed demand worldwide in 2008 and OPEC therefore does not need to hike output this year.
Meanwhile, OPEC member country Indonesia repeated its desire Wednesday to quit the oil cartel.
Indonesian Energy Minister Purnomo Yusgiantoro said Indonesia is both an oil producer and consumer and high oil prices harmed its oil imports deeply.
The daily prices set a record high of 127.59 dpb on May 22 and retreated steadily last week. The prices even touched 121.68 dpb Friday, 5.91 dollars lower than the historic high.
OPEC President Chakib Khelil, also the energy minister of Algeria, said Saturday that the high prices were "much more linked to speculation" and insisted that "there is no problem of supply."
He said the oil prices were linked closely to the exchange rate of the U.S dollar, which fell deeply against other currencies this year and drove oil prices to record levels.
Head of OPEC research body Hasan Qabazard said Thursday oil production will exceed demand worldwide in 2008 and OPEC therefore does not need to hike output this year.
Meanwhile, OPEC member country Indonesia repeated its desire Wednesday to quit the oil cartel.
Indonesian Energy Minister Purnomo Yusgiantoro said Indonesia is both an oil producer and consumer and high oil prices harmed its oil imports deeply.
