JAKARTA, Aug. 3 (UPI) -- As the price of oil hit a record high Tuesday, the president of the OPEC oil producing cartel said "there is no more supply," the BBC reported.
Indonesian oil minister and OPEC president Purnomo Yusgiantoro made the blunt statement in Jakarta. He said oil-producing countries are running at near capacity.
"It's crazy," he said.
Tuesday morning's $44.24 New York Mercantile Exchange price for U.S. light sweet crude is unparalleled in the 21-year history of electronic trading on the exchange.
The latest oil price surge was triggered by a U.S. government warning Islamic militants may be planning attacks on financial bodies in the United States.
John Brady, an analyst with ABN Amro, told the BBC renewed fears of a major terrorist attack would continue to support prices for some time.
"The market is pinned to the upside when you look at the trend, " he said. "The threat alert is bringing more confusion and uncertainty into the market."
