NA - OPEC secretary general Abdalla Salem El-Badri declined to say Thursday whether the cartel would be prepared to boost output at its next meeting in September in order to help curb the rise in oil prices.
"September is a long time away and we will decide at that meeting," El-Badri told a news conference here to present the Organization of Petroleum Exporting Countries' annual World Oil Outlook.
The OPEC chief insisted that the current supply of oil was not the factor driving runaway oil prices.
"There is nothing wrong with supply and demand," he said. "We don't see any shortage."
He added: "There is no reason for prices to go up."
"There is plenty of oil in the market and in the stocks. There is no need ... even for the price to be at 135 dollars per barrel."
El-Badri saw other factors " such as the weakening dollar, geopolitical problems in the Middle East, speculation and refinery bottlenecks " as the problem.
"These are what's causing the high oil prices," he said.
On Thursday, Brent North Sea oil for August delivery rose 12 cents to 136.70 dollars a barrel in electronic deals.
New York's main oil contract, light sweet crude for August delivery, dipped two cents to 136.03 dollars.
Prices have fallen sharply from their highs above 145 dollars a barrel reached last week.