High oil prices are being caused by geopolitical tensions and not by a lack of supply, OPEC ministers said on Thursday.
"This price is not related to demand and supply at all. It is only related to geopolitics," Qatari Energy Minister Abdullah bin Hamad al-Attiyah said on the sidelines of an oil industry conference here.
His comments were echoed by OPEC President Mohammed al-Hamili, who is also oil minister of the United Arab Emirates.
"The high prices of late are due to the geopolitical situation. It has nothing to do with the fundamentals," he said.
The 12-member Organisation of Petroleum Exporting Countries has cut its production twice in the last six months, but Attiyah maintained the market was well supplied.
Prices have risen sharply in the last week to nearly 70 dollars per barrel in London on Monday, mainly as a result of tension over the capture of British sailors by Iran. Attiyah said he did not expect OPEC to increase its production before the next scheduled meeting of the cartel in September.
"I don't think so. There is no need," he said.
"This price is not related to demand and supply at all. It is only related to geopolitics," Qatari Energy Minister Abdullah bin Hamad al-Attiyah said on the sidelines of an oil industry conference here.
His comments were echoed by OPEC President Mohammed al-Hamili, who is also oil minister of the United Arab Emirates.
"The high prices of late are due to the geopolitical situation. It has nothing to do with the fundamentals," he said.
The 12-member Organisation of Petroleum Exporting Countries has cut its production twice in the last six months, but Attiyah maintained the market was well supplied.
Prices have risen sharply in the last week to nearly 70 dollars per barrel in London on Monday, mainly as a result of tension over the capture of British sailors by Iran. Attiyah said he did not expect OPEC to increase its production before the next scheduled meeting of the cartel in September.
"I don't think so. There is no need," he said.
