In July OPEC increased supply of oil into the world market by 270 thousand barrels a day up to 26.24 mln. barrels

/PRIME-TASS, 09.08.99/ - In July the organization of petroleum exporting countries(OPEC) increased supply of oil into the world market by 270 thousand barrels a day up to 26.24 mln. barrels. However, OPEC experts in El-Kuwait say that this increase was caused by the growth of oil export from Iraq, who despite of his membership in OPEC, in the world oil market plays by the rules specified by the UN agreement "oil for food". ITAR-TASS reports in July Iraq exported 2.2 mln. barrels of oil a day. Other OPEC member countries did not increase their oil export, and even decreased the export by 40 thousand barrels a day in July compared to the results of June. Disciplined behavior of member countries of the oil cartel, including its major exporters - countries of Persian gulf and Venezuela complying with the March agreements of 1998 on export quotas, caused a sharp increase of world oil prices. On London exchange at the end of the week a barrel of oil was being purchased at $20.03 on futures contracts for September. Last time when the oil price exceeded the psychological barrier of $20 a barrel was on November 14 1997. Experts expect further increases of oil prices in the world. Recent statement of OPEC president that the cartel will maintain export quotas at least till March of 2000 has increased the demand on oil from the dealers of the exchange.