Oil prices fell again in trading Monday (25/01) whereas last week had increased, while the Organization of Petroleum Exporting Countries (OPEC) called for cooperation from the oil-producing countries outside OPEC.
IKLAN
Brent oil, which has been used as a benchmark in the international market, fell 4.1% to US $ 30.86 per barrel following a 10% rise on Friday (22/01).
The decline in oil prices occurs when OPEC Secretary General Abdullah al-Badri called on all oil-producing countries to work together.
He said both OPEC and non-member OPEC producers have to cope with excess production to help push up the price of oil.
"It is important for the market to cope with oversupply. As can be seen from the previous cycle, as supply started to diminish, the price starts to rise," al-Badri said at a conference in London on Monday (25/01).
Although Saudi Arabia, the major OPEC members, refused to cut the amount of production, al-Badri blamed OPEC nonmember countries as the source of a flood of supply.
The amount of OPEC oil production reached almost 42% of total world production.
