Meanwhile, a meeting of OPEC oil ministers, scheduled for January 2005 in Vienna, is likely to discuss the possibility to decrease OPEC's crude production ceiling. In a monthly report of the cartel, released last Thursday, it said that global daily demand for crude oil this year would reach 82 million barrels, up 250,000 barrels compared to last year's figure, and the daily demand in 2005 would rise 1.5 million barrels compared to this year.
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OPEC Oil Rose In Price
According to Vienna OPEC office, OPEC's crude oil price jumped
OPEC's crude oil price jumped 84 cents to $35.05 per barrel last week, according to data released by the Vienna-based OPEC Secretariat on Monday.
The oil prices, based on the average price of seven market-monitored crude oil prices, reached $37.87 per barrel last Friday, the highest in the five trading days.
Analysts say the expectations of colder weather conditions in the United States and the announced reduction in oil supply by the OPEC countries from Jan. 1 have helped push crude oil price to higher levels.
Meanwhile, a meeting of OPEC oil ministers, scheduled for January 2005 in Vienna, is likely to discuss the possibility to decrease OPEC's crude production ceiling. In a monthly report of the cartel, released last Thursday, it said that global daily demand for crude oil this year would reach 82 million barrels, up 250,000 barrels compared to last year's figure, and the daily demand in 2005 would rise 1.5 million barrels compared to this year.
Meanwhile, a meeting of OPEC oil ministers, scheduled for January 2005 in Vienna, is likely to discuss the possibility to decrease OPEC's crude production ceiling. In a monthly report of the cartel, released last Thursday, it said that global daily demand for crude oil this year would reach 82 million barrels, up 250,000 barrels compared to last year's figure, and the daily demand in 2005 would rise 1.5 million barrels compared to this year.
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