Global oil markets were well supplied, the Organization of the Petroleum Exporting Countries (OPEC) said Thursday in view of the continuing record-breaking price rallies, dpa reported.
"There is clearly no shortage of oil in the market," the oil cartel's secretary general Abdalla Salem el-Badri said in a press statement released from OPEC's headquarters in the Austria capital Vienna.
On Wednesday, the average basket price for one barrel ( 159 litres) of OPEC-produced crude rose to a new record high of 116.03 dollars.
The volatile crude prices of the last months were mainly driven by developments on the world's financial markets and price speculation, el-Badri said.
Recent financial turmoils and the weakening US dollar encouraged investors searching for better returns in commodities to pour more money into oil futures, thereby driving up prices.
Oil reserves were plentiful, as recent updates on US crude inventories and OECD commercial oil stocks indicated, he said.
OPEC's 13 member states were currently producing 32 million barrels per day. El Badri put production reserves at 3 million barrels per day.
He indicated that some members where already struggling to find buyers for their surplus production. OPEC would continue to monitor developments.
"The organization will continue to strive for a stable and balanced market, with prices that reflect fundamentals and are favourable to both producers and consumers," he added.