The price hike was primarily driven by fears over the supply risk in some producing counties, especially in Iran
The Organization of Petroleum Exporting Countries's average crude oil price has hit a new record high of $68.40 U.S. per barrel, the cartel's secretariat said here Wednesday.
OPEC's crude oil price, after rising by 0.68 dollars to $66.22 per barrel on Monday, hit a historic high of $68.40 per barrel on Tuesday.
Saudi Minister of Petroleum and Mineral Resources Ali al-Naimi said on Monday that OPEC currently had no upper limit for the crude oil output, and Saudi Arabia still had spare capacity for 2 million barrels per day.
"Fulfill the market supply was a big challenge for OPEC," Naimi said. His remarks fueled speculation that OPEC would not set limits to the output of the member countries.
The price hike was primarily driven by fears over the supply risk in some producing counties, especially in Iran, as the market is jittery over the standoff between the West and Iran over the latter's nuclear program.
Market analysts believed that the developments of Iran's nuclear issue would be the decisive factor for oil prices.
