OPEC: Prices reach record high mark over two-year period

By IPS Correspondents Reprint | | Print |

Att.Editors: The following item is from the Qatar News Agency (QNA)

VIENNA, Feb 17 2003 (IPS) - Organization of Petroleum Exporting Countries (OPEC) oil prices reached a record high mark over a two-year period today, as a barrel of crude from the OPEC seven-brand oil basket reached 32.33 US dollars Friday, the OPEC Secretariat said in a report today.

The average daily price rose to 31.47 US dollars in the period of February 7 to February 14 from 30.42 US dollars over the previous seven days, the report said.

OPEC analysts say the increase was fuelled by persisting fears of a possible war on Iraq, in the first place, as well as by the ongoing instability in two other major oil producers, Venezuela and Nigeria, and a higher than expected consumption of fuel in the US, the world’s number one consumer of energy resources, where the winter temperatures have been lower than usual.

The average price of a barrel of OPEC oil climbed to 30.34 US dollars by mid-February vs. 24.36 US dollars in the same period last year.