Home | About Us | Contact Us | Site Map | Chinese
News | Biz | Pearl River Delta | Enjoy Life | Culture | Travelling | Pics | Cities & Towns | Gov Info | Specials
Home> Business>Macro-EcoProspective
OPEC oil prices hit record high
Latest Updated at 2007-September-14 10:19:40
Related News
Oil exports nosedive; imports up
OPEC oil prices hit record high
U.S., China agree to improve safety of consumer products
Chinese shares slump as inflation rise gives investors jitters
Pork prices in China up 77.6% in August from a year ago

Daily average oil prices of the Organization of Petroleum Exporting Countries (OPEC) rose by 1.08 U.S. dollars to a record 74.21 dollars per barrel Wednesday, 0.54 dollars higher than the previous high on July 20, the cartel's secretariat said Thursday.

The rise shows that OPEC's decision to increase daily output by 500,000 barrels starting from Nov. 1 at its 145th ministerial conference in Vienna Tuesday is not enough to restrain soaring oilprices.

But Hasan Qabazard, director of OPEC's research division, said here Thursday that the hurricane impact on oil production in the Gulf of Mexico and the Mexican oil pipeline blasts had caused oil prices to soar.

The rising prices were also compensating for the current weakness in the dollar, he said, but adding that if calculated in euros, the price - slightly over 50 euros per barrel - would stillbe around 10 per cent below last year's all time high.

He believed that the current crude oil supply in the world market was sufficient, while the shortage of the refinery capability would last many years.

Market analysts, however, believed that because of the recent unexpected reduction in crude oil stocks in the United States, OPEC's 500,000-barrel-a-day increase would not stabilize oil prices, only worsen the worry about the shortage of supply in the market.

They warned that with the upcoming demand peak for heating oil in winter in the Northern Hemisphere, the rising speculation wouldmean oil prices would continue to increase in the near future.

Editor: Donald

By: Source:

Man. United stars arrive in Guangzhou

Painting contest held ahead of cultural fair

[Group Photo]The Zhuxian Cave in Zhuhai

Hu attends opening ceremony of Shenzhen Bay Port

Pirates of the Caribbean 3 premieres in China
This site contains material from other media for content enrichment purpose only.
The website do not endorse such content and do not bear the joint responsibility of their copyright infringement.
The views expressed in written material posted to the bulletin boards of are those of the authors and/or publishers. The website does not endorse information products posted by organizations and individuals here. The originators of these information products are solely responsible for their content.
For copyright infringement issues, you shall contact within thirty (30) days. Email:
If you find any error in this page, please drag your mouse to mark the text with error, then press "CTRL" and "ENTER", to inform us. Thanks for your help!
Home  |  About Us  |   Contact Us  |  Site Map  |  Chinese
©2005 WWW.NEWSGD.COM. All rights reserved.registered number 020074 Terms of Use | Advertise | ICP Certificate No.B2-20050252
Guangdong Gov Link
Guangdong Gov Brief
State Structure
Guangdong in Brief
Laws & Regulations
Exchange Rate
Guangdong Guide
Museum Museum
University University
Eat Eat
Shopping Duting
Night Life Night Life
Weather Weather
Phone No. Phone Num
Consulate Consulate
Airport Airport
Travel Tips Tours Tips