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January 14, 2008

OPEC oil price falls sharply

The daily average oil price of OPEC dropped to 90.01 U.S. dollars per barrel on Thursday, 2.27 dollars lower than the previous trading day, the Vienna-based cartel said Friday.

Although OPEC's oil price was still over 90 dollars per barrel, it, however, took a downturn since hitting new record of 93.94 dollars per barrel last Thursday, and dropped by 3.93 dollars over the last five trading days.

Marketing analysts believed that the downturn of the oil price should be mainly attributed to the adjustment in the international oil market and speculators' profit-taking.

However, the pressure of the high oil price would not be eased due to the still existent fundamental factors caused the skyrocketing oil price.

The scheduled OPEC's special conference on Feb. 1 drew intensive attention in the international oil market, at which OPEC members might decide to increase output, since the global oil prices touched the gate of 100 dollars per barrel.

Analysts said if OPEC, with possession of almost 40 percent of the world crude oil supply, might decide to increase output, the soaring oil price would be positively refrained.

Courtesy Xinhua

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