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OPEC Oil Price Soared

The average oil price of OPEC's basket of seven sorts of crude oil jumped to 39.13 dollars per barrel

OPEC Oil Price Soared

The average oil price of OPEC?s basket of seven sorts of crude oil jumped to $39.13 per barrel in the five trading days last week, $1.73 higher than a week earlier.

On Friday, OPEC's average oil price reached a new record high of $39.67 a barrel. The cartel created the basket in 1982 as a measure to monitor market oil supply.

OPEC President Purnomo Yusgiantoro said Monday the cartel may raise its output quotas to match current output levels in a measure to prevent further overheating in the oil market.

OPEC ministers are going to meet in Vienna on September 15 to discuss output policy.

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