Weekly average prices of the Organization of Petroleum Exporting Countries (OPEC) dropped slightly last week, falling by 1.4 percentage to 110.80 U.S. dollars per barrel, the Vienna-based cartel said Monday.
This followed a price rise for four consecutive weeks. The slow global economic recovery, European debt crises and slowdown in China's economy has increased pressure on the international crude oil market.
The economic situation of the U.S is also unsatisfactory. Ben Bernanke, chairman of the Federal Reserve, has expressed his dissatisfaction with the current economic situation at the annual meeting of global central bank governors.
At the same time, crude oil exports of Iraq continued to rise to a daily average of 2.565 million barrels in August, reaching its highest level in crude oil exports for nearly 30 years.
On September 1, it was reported that Iran's oil exports exceeded 2 million barrels a day recently, reaching the same level before the oil embargo implemented by the European Union.
So while there is sufficient global crude oil supply, in the near future there is a lack of powerful drivers to stimulate international oil prices.
It is said that due to an oil tankers overhaul, OPEC will reduce crude oil exports to the U.S. and European markets, among which exports to the Europe will be reduced by 1 percent to 23.8 million barrels per day.
In this regard, on behalf of the Group of Seven, the US has issued a statement calling for an increase in oil production to meet growing demand. The statement warned that high oil prices will affect the progress of the global economic recovery.