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OPEC daily prices approach $109
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http://www.chemnet.com Apr 23,2008 Xinhua |
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VIENNA -- The daily average oil prices of the Organization of Petroleum Exporting Countries (OPEC) on Monday reached a new peak of 108.93 U.S. dollars per barrel (dpb), said the Vienna-based cartel Tuesday.
The prices boosted up over 4.7 percent in one week, set six records in six consecutive trading days.
OPEC officials said last weekend that the prices would keep rising mainly due to the weak dollars. But they insisted that the market was well-supplied and there was no need for an immediate output increase.
Meanwhile, Mahmoud Ahmadinejad, president of OPEC's No. 2 producer Iran, said last Saturday that the current oil price was too low and "should find its real value."
The current average daily output of OPEC remains 3.1 million barrels and the organization has thrice refused to increase output since last December.
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