VIENNA, Jan. 14 (Xinhua) -- After a four-consecutive-week rise, the weekly average oil price of the Organization of Petroleum Exporting Countries (OPEC) dropped to 90.83 U.S. dollars per barrel last week, down by 1.67 dollars from the previous week, the Vienna-based cartel said Friday.
OPEC's daily average oil price took a downturn, with a slight rebound of 0.16 dollars to 92.13 dollars per barrel on Jan. 9, and dropped to 88.50 dollars per barrel last Friday, since hitting the historical high of 93.78 dollars per barrel on Jan. 3.
Marketing analysts mainly attributed the downturn to the adjustment in the international oil market and speculators' profit-taking. The fact that Iraq's oil output has nearly come back to pre-second Gulf War levels also helped ease concerns about insufficient supply.
According to recent reports, Iraq's daily average oil output reached 2.181 million barrels last year, and even hit 2.475 million barrels per day last December, approaching the 2003 level of 2.58 million barrels per day before the invasion.
However, some analysts warned that the pressure would not be eased, as fundamental factors that triggered the skyrocketing price still exist.
OPEC's special conference on Feb. 1 is set to draw intense attention in the international oil market. OPEC members might decide to increase output at the conference, since the international oil price hit 100 dollars per barrel on Jan. 2.
OPEC's daily average oil price took a downturn, with a slight rebound of 0.16 dollars to 92.13 dollars per barrel on Jan. 9, and dropped to 88.50 dollars per barrel last Friday, since hitting the historical high of 93.78 dollars per barrel on Jan. 3.
Marketing analysts mainly attributed the downturn to the adjustment in the international oil market and speculators' profit-taking. The fact that Iraq's oil output has nearly come back to pre-second Gulf War levels also helped ease concerns about insufficient supply.
According to recent reports, Iraq's daily average oil output reached 2.181 million barrels last year, and even hit 2.475 million barrels per day last December, approaching the 2003 level of 2.58 million barrels per day before the invasion.
However, some analysts warned that the pressure would not be eased, as fundamental factors that triggered the skyrocketing price still exist.
OPEC's special conference on Feb. 1 is set to draw intense attention in the international oil market. OPEC members might decide to increase output at the conference, since the international oil price hit 100 dollars per barrel on Jan. 2.
