From:www.qijianwangluo.cn Time Added2008-2-26 Click213
The weekly average oil price of the Organization of Petroleum Exporting Countries (OPEC) hit a new record high of 92.97 U.S. doll
ars per barrel last week, 0.47 dollars higher than the last record, the Vienna-based cartel said on Monday. The OPEC daily average oil price remained  above 91 dollars per barrel during last week and hit the record
high of 94.23 dollars on Feb. 20. It dropped to 92.62 dollars in the following two days,but still remained at a high level.

Experts are concerned that the oil prices  of OPEC would continue rising aft
er;the  oil price in the international oil market in the United States approached 100 dollars perbarrel again on Monday.

Fear surrounding the possible decision of oil output reduction in the OPEC mini
sterial  conference slated for March 5 sharpened the contradiction of supply and  demand in the international oil market, while the recent geopolitical crisis in northern Iraq prompted worries about the stabili
ty of the oil supply. These two reasons  kept oil prices rising.

Experts pointed out that some factors like  warmer weather in the northern hemisphere  and the slowing down of the worlds
economic growth would lead to a decline in the demand for crude oil, which would make OPEC decide to cut its oil output at the next;ministerial conference in  order;to maintain the price level.
 

According to press reports, Irans oil ministr has said that he would propose oil  reduction in the upcoming ministerial meeting.