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Home >> Business
UPDATED: 10:28, April 04, 2006
OPEC oil prices rising amid supply concerns
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The average crude oil prices rose to 59.14 U.S. dollars per barrel last week, up nearly 2 dollars from that of the previous week, the secretariat of the Organization of Petroleum Exporting Countries (OPEC) said on Monday.

The prices kept a steady climbing last week and hit this year's record high of 61.17 dollars per barrel on Friday, only 0.2 dollars less than the historic peak on Sept. 1 last year.

Analysts attributed the rise to Iran's nuclear issue and the tense situation in Nigeria.

The UN Security Council unanimously adopted a presidential statement last Wednesday calling on Iran to resume suspension of all uranium enrichment-related activities within 30 days.

Iranian Foreign Minister Manouchehr Mottaki later criticized the statement, saying it was "nothing short of injustice, double-standard and power politics."

Iranian television reported on Monday that Iran has test-fired a new torpedo. President Mahmoud Ahmadinejad said that his country would "exercise its determination to produce nuclear energy it needs for economic development."

Iran is OPEC's No. 2 producer behind Saudi Arabia, making 4 million bpd of oil and exporting 2.4 million bpd.

In addition, Nigerian oil production has not returned to normal although illegal armed groups of the country released three kidnapped foreign oil workers last week. The oil output there has dropped by 25 percent, about 641,000 barrels a day, due to the unrest in the country's oil-rich delta.

Qatari Energy Minister Abdullah al-Attiyah said on Sunday that OPEC was doing its utmost to meet international oil demand, adding that he believed the rising oil prices were not a result of supply shortage.

OPEC rotating president Edmond Daukora, also Nigerian Oil Minister, said on Monday the cartel would not lower the production ceiling for its members at the ministerial meeting in June if oil prices remained at current high levels.

Source: Xinhua


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