The weekly average price of the Organization of Petroleum Exporting Countries (OPEC) fell further last week to 116.34 U.S. dollars a barrel, the Vienna-based cartel said Monday.
OPEC oil prices have now declined for five consecutive weeks. Over the last two weeks, prices have fallen by 2.84 and 2.74 dollars respectively.
Since April this year, international crude oil prices have fallen with fluctuations. One of the major reasons behind this is weak demand and a relatively high supply.
With major world economies such as the U.S. and the eurozone battling with sluggish growth, crude oil demand is expected to further weaken.
Furthermore, a slowing Chinese economy, the persistent European debt crisis, a strong U.S. dollar and weakening U.S. stock markets have suppressed international crude oil prices.
OPEC daily crude oil exports are forecast to rise by 620,000 barrels per day, increasing from 23.67 million barrels to 24.29 million barrels in the four weeks to May 5.
During the OPEC oil ministers meeting held in December last year, member states agreed to daily crude oil production of 30 million barrels. However, current figures showed the daily oil output exceeds this level.
In March this year, despite the reduction in Iranian crude oil production, OPEC total crude oil production reached 31.31 million barrels per day.
Concerns over Iran's oil exports as well as the conflict in southern region of Sudan -- an important crude oil producing area -- might affect international oil prices to an extent.
However, given the concerns over the global economic recovery, international oil prices are expected to continue fluctuating.