The weekly average prices of the Organization of the Petroleum Exporting Countries
The weekly average prices of the Organization of the Petroleum Exporting Countries (OPEC) slightly rebounded to $111.20 per barrel (dpb) last week, 0.12 dollars higher than the previous week, the Vienna-based cartel said Monday.
The prices had been dropping for several weeks and started jumping higher since the third week in August. The oil prices remained relative steady last week due to strengthening of the U.S. dollar and other factors.
The OPEC oil prices have dropped 20 percent from 140 dpb in the first week of July to 110 dpb till the end of last week.
OPEC members hold different opinions about the trend of further oil market demand and the reduction of crude oil output. In September, OPEC will hold a meeting to determine the quota of crude oil output in future months.
Iran believes that in view of the consecutive drop in oil prices, there is possibility that OPEC approve an output cut in its upcoming meeting in Vienna.
But Venezuela and Ecuador forecast that OPEC would hold on to its original oil output. Some analysts pointed out if OPEC could maintain its crude oil output, the high price situation of the international crude oil market would be eased.
