"There's enough oil in the market," OPEC Secretary-General Abdalla Salem El-Badri said at a news conference ahead of the Third Summit of the Organization of Petroleum Exporting Countries. "There is no shortage of oil in the market."
OPEC ministers are not expected to make a decision on production at the summit but will discuss it at their regular meeting Dec. 5 in Abu Dhabi, United Arab Emirates.
Spot prices for Brent crude closed at $90.57 per barrel Wednesday and West Texas Intermediate at $93.24.
Oil traders and speculators have been blamed for the run-up, capitalizing on geopolitical tension. Badri blamed the devaluing U.S. dollar and U.S. bottlenecks as other causes.
He also said the costs for materials to produce oil have increased by more than 50 percent.
"OPEC is not in favor of high oil prices and OPEC is not in favor of low oil prices," he said. "We would like to see a stable oil market."
Ben Lando, UPI Energy Editor