OPEC oil prices keep falling last week

The Organization of Petroleum Exporting Countries (OPEC)'s weekly average crude oil prices dropped 0.60 U.S.dollars to 54.16 dollars per barrel last week, the cartel's secretariat said on Monday.

OPEC's daily oil prices kept trend of drop, and hovered between 54.87 and 53.37 U.S dollars per barrel last week.

Due to doubts about the real effect by OPEC member countries' decision of output cut, OPEC's weekly average oil prices continue to dip in the following two weeks, since OPEC decide to cut the output by 1.2 million barrels per day on Oct. 20.

The rumour about the terror attack at Nigeria's production establishments last week did not drive the OPEC's oil prices soaring.

OPEC was scheduled to hold ministers' conference on Dec.14 in Nigeria to discuss the current policy of crude oil production.

OPEC rotating President Edmund Daukoru, also Nigerian oil minister, said on Monday that the world crude oil stock was more than enough, while the current oil price was low, and the market was clearly oversupplied.

He also believed that 60 U.S dollars per barrel would not endanger the world economy.

Market analysts believed that OPEC would decide to farther cut output in the ministers' conference in December.

Some analysts believed that the international oil prices would be possible to rise again in the first half of 2007, owing to the good anticipation for U.S. economy growth, the limitation of OPEC's output growth and international crude oil refinery capability.

Source: Xinhua