Crude Price Rises to 51.87 Dollars Per Barrel: OPEC
Posted on: Tuesday, 6 December 2005, 09:00 CST
Crude price rises to 51.87 dollars per barrel: OPEC
VIENNA, Dec. 5 (Xinhua) -- The average crude oil price rose to 51.87 US dollars per barrel at the end of last week, up 1.16 dollars compared to last Thursday, the secretariat of the Organization of Petroleum Exporting Countries (OPEC) reported on Monday in Vienna.
After a slight decline in November with an average basket price at 51.29 dollars per barrel compared to an average of 54.63 dollars in October, the prices keep on rising due to the increased seasonal demand for oil.
Experts also believe the massive purchase of crude oil by speculation-orientated investors contribute to the dramatic rise all through 2005.
Even though the current high output rate of the OPEC member states may cause oil prices to slightly decline, new price highs are expected for 2006. Market analyst Giuseppe Amato predicts that "there won't be cheap oil any more" in the future.
In the long run, the expected growth of Asia's emerging economies will jointly contribute to the increase of the crude oil prices, analysts said.
Meanwhile, many oil fields are not as productive as they were a few years ago, they added.
Source: Xinhua News Agency - CEIS
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