Oil price rises over $111 per barrel

April 24th, 2008 - 9:44 pm ICT by admin  

Vienna, April 24 (Xinhua) The daily average oil price of the Organisation of Petroleum Exporting Countries (OPEC) hit a new record of $111.14 per barrel (dpb), the Vienna based cartel Thursday said. The prices jumped $1.22 higher than the $109.92 dpb recorded Wednesday, setting eight records in as many trading days. This is the fist time oil price has soared up to $111.

OPEC general secretary Abdullah al Badri said at the 11th International Energy Forum (IEF) in Rome April 21 that non-fundamental factors such as market speculation were the major causes of the rising prices of oil and other commodities.

He pointed out that the world has enough oil resources to meet the increasing demand for the coming decades.

However, uncertainty about the world’s future economic growth, consuming countries’ policies, technological developments and non-OPEC performance would be the main drivers for rising costs for oil producing countries.

He has urged the international community to introduce new measures to enhance the global energy mix and pay attention to environment and climate change issues.

Four OPEC member countries pledged a total of $750 million for energy and environment research in November, he said.

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