VIENNA -- The daily average price of the Organization of Petroleum Exporting Countries (OPEC) rushed up to a new record of 127.59 U.S. dollars per barrel (dpb) on Thursday, according to the Vienna-based cartel on Friday.
The price fluctuated slightly between 118.73 dpb and 119.27 dpb from May 13 to May 19 and for the first time stood over 121 dollars Tuesday. The prices rose sharply the following two trading days, topping 124.45 dpb Wednesday and 127.59 dpb Thursday respectively.
OPEC Secretary General Abdala El-Badri, who is now visiting Ecuador, said Thursday that OPEC member counties were unhappy with the surging prices and the "crazy market." He blamed also the speculators and the weak dollars.
He convinced that the price had nothing to do with the supply and emphasized that there was no shortage on the current market. He would prefer a "middle point where producers and consumers can work together."
The oil price in the U.S market have surged over 135 dollars Thursday.
The price fluctuated slightly between 118.73 dpb and 119.27 dpb from May 13 to May 19 and for the first time stood over 121 dollars Tuesday. The prices rose sharply the following two trading days, topping 124.45 dpb Wednesday and 127.59 dpb Thursday respectively.
OPEC Secretary General Abdala El-Badri, who is now visiting Ecuador, said Thursday that OPEC member counties were unhappy with the surging prices and the "crazy market." He blamed also the speculators and the weak dollars.
He convinced that the price had nothing to do with the supply and emphasized that there was no shortage on the current market. He would prefer a "middle point where producers and consumers can work together."
The oil price in the U.S market have surged over 135 dollars Thursday.
