Iran's OPEC governor Mohammad Ali Khatibi said Saturday that the oil market is oversupplied by at least 1 million barrels a day, so the group was considering reducing its output or keeping it unchanged if demand continues to fall.
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OPEC Average Oil Price Dropped
The weekly average oil prices of the Organization of Petroleum Exporting Countries
The weekly average oil prices of the Organization of Petroleum Exporting Countries dropped to $109.73 per barrel last week, the Vienna-based cartel said Monday.
The prices have dropped for six consecutive trading weeks by 28.58 dollars after it topped 138.31 dollars in the first week of July.
OPEC said in its monthly report Friday that the eased geopolitical tensions and concerns over slower demand growth amid weak economic signs were the main cause for the steep fall.
Iran's OPEC governor Mohammad Ali Khatibi said Saturday that the oil market is oversupplied by at least 1 million barrels a day, so the group was considering reducing its output or keeping it unchanged if demand continues to fall.
Iran's OPEC governor Mohammad Ali Khatibi said Saturday that the oil market is oversupplied by at least 1 million barrels a day, so the group was considering reducing its output or keeping it unchanged if demand continues to fall.
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