Special Report: OPEC to keep gushing oil at full capacity

     World concerns about oil prices

    VIENNA, July 3 (Xinhua) -- The Organization of Petroleum Exporting Countries (OPEC)'s average crude oil price edged up 0.69 U.S. dollars to hit 67.29 dollars per barrel last Friday, the cartel's secretariat said Monday.

    It was the first time for the OPEC oil prices to rise over 67 dollars per barrel since May.

    OPEC's average crude oil price last week reached 66.03 dollars per barrel, up 2.58 dollars from the previous week.

    The main drive came from the increase of demand for gasoline in summer, which resulted in the shortage of gasoline supply in the United States, OPEC said.

    The U.S. government released a report last Wednesday showing gasoline stocks shrank last week for the first time in more than two months.

    Market analysts believe that U.S. will enter the fastigium of gasoline demand, so the international oil prices still have the potential to go up in the short term.

    Furthermore, geopolitical uncertainties like the Iranian nuclear issue would unceasingly drive the oil prices higher.

    According to a recent report of Iraq's Oil Ministry, the current oil production of Iraq had reached 2.5 million barrels per day, which hit the highest point since the beginning of the Iraq War in March 2003.

    The oil production and export in Iraq, however, are still very volatile because the pipeline and establishment are often under attacks of anti-government militants. Enditem