VIENNA, July 28 (Chinese media) -- The weekly average prices of the Organization of Petroleum Exporting Countries (OPEC) fell significantly last week by 9.15 dollars to 124.82 U.S. dollars perbarrel (dpb), the Vienna-based cartel said Monday.
The prices were 13.49 dollars less than the rec
Some experts said the current prices were mainly linked to Iran and the exchange rate of the U.S. dollar.
Iran was urged by Javier Solana, the High Representative for the Common Foreign and Security Policy and the Secretary-General of the Council of the European Union, at the Geneva meeting to give a clear answer on its nuclear programs in two weeks, or it would meet a new round of sanctions.
Iran's OPEC governor Mohammad Ali Khatibi said during an interview published last Saturday that oil prices would reach 500 dpb in a few years, if the dollar's value continues to decrease and if the political crisis worsens.
He even predicted a possible oil price of about 200 dpb in the upcoming two or three years, saying that oil exports from the entire Middle East region would be at risk if Iran suffered any military attack on its disputed nuclear facilities.
Over 22 percent of global oil shipments are passing through the Hormus Strait, which Iran threatened to block earlier this month if there were any military attacks on its nuclear facilities.
Meanwhile, OPEC President Chakib Khelil said Saturday that if the dollar strengthens and if the crisis with Iran is resolved, oil prices would drop to 70 dollars to 80 dollars.
The exchange rate of the U.S. dollar continues at its low level against other main currencies. The exchange rate between the euro and the dollar even hit a historic high of 1.6036 on July 15 and has remained at over 1.56 in the past week.
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