September 8, 2009
OPEC's weekly average oil prices dropped again last week to 67.56 U.S. dollars per barrel, down 3.86 dollars compared to the previous week, the Vienna-based cartel said Monday.
After only a one-week recovery, OPEC oil prices kept going down last week, falling from 70.37 U.S. dollars a barrel on Aug. 31 to 66.03 U.S. dollars on Sept. 4. The price only increased by 0.01 U.S. dollars on Sept. 3.
Analysts say that although the current supply and demand relationship on the international energy market remains unchanged, a series of data shows that the global economic recession has bottomed out. The prospects for international crude oil demand growth is expected to improve.
However, in the meantime, the data for consumption was not optimistic.
A continuous rise in oil prices has weakened an upward trend, and the prices kept fluctuating between 62-72 dollars.
OPEC leaders will meet Sept. 9 to discuss future oil production quotas.
The rotating chairman of OPEC, Jose Maria Botelho de Vasconcelos, said that because of the world economy and the current level of international oil prices, OPEC would not rule out the possibility of maintaining its current quotas.