VIENNA, Feb. 18 (Xinhua) -- After a two-week consecutive rebound, the weekly average oil price of the Organization of Petroleum Exporting Countries (OPEC) rose to 90.23 U.S. dollars per barrel last week, the second time it has surpassed 90 dollars per barrel in the last four weeks, the Vienna-based cartel said on Monday.
In the first two weeks of this year, OPEC's weekly average oil price hit 92.50 and 90.83 dollars per barrel respectively, and remained under 90 dollars per barrel in the weeks that followed.
OPEC's daily average oil price jumped from 89.18 to 91.73 dollars per barrel last week, up by 2.55 dollars over the last five trading days, with a slight drop of 0.16 dollars last Wednesday.
According to the last monthly international oil market report, world demand for crude oil would keep increasing in the first quarter, and then the daily average crude oil demand from OPEC this year would go down slightly from 31.91 million barrels last year to 31.53 million.
OPEC pointed out in the same report that the supply of crude oil for the international market would be sufficient this year, in view of the current more than 32 million barrels OPEC daily output and 49.46 million barrels daily output of non-OPEC nations, which might rise to 50.53 million barrels this year.
Due to OPEC's deep concern about the slowdown of the world economy, dragged down by the United States' struggling economy, which could lead to drop of the world demand for crude oil, many OPEC officials said recently that the cartel should consider cutting its current output.
Marketing analysts estimate that it is likely OPEC will decide to cut its daily output at the upcoming ministerial conference on March 5, in order to curb the possible drop in oil prices, if a recession of the U.S. economy becomes more evident.
In the first two weeks of this year, OPEC's weekly average oil price hit 92.50 and 90.83 dollars per barrel respectively, and remained under 90 dollars per barrel in the weeks that followed.
OPEC's daily average oil price jumped from 89.18 to 91.73 dollars per barrel last week, up by 2.55 dollars over the last five trading days, with a slight drop of 0.16 dollars last Wednesday.
According to the last monthly international oil market report, world demand for crude oil would keep increasing in the first quarter, and then the daily average crude oil demand from OPEC this year would go down slightly from 31.91 million barrels last year to 31.53 million.
OPEC pointed out in the same report that the supply of crude oil for the international market would be sufficient this year, in view of the current more than 32 million barrels OPEC daily output and 49.46 million barrels daily output of non-OPEC nations, which might rise to 50.53 million barrels this year.
Due to OPEC's deep concern about the slowdown of the world economy, dragged down by the United States' struggling economy, which could lead to drop of the world demand for crude oil, many OPEC officials said recently that the cartel should consider cutting its current output.
Marketing analysts estimate that it is likely OPEC will decide to cut its daily output at the upcoming ministerial conference on March 5, in order to curb the possible drop in oil prices, if a recession of the U.S. economy becomes more evident.
