"What I can tell you about oil prices is that they are so high not because of reasons [attributable] to OPEC. We see there is ample supply in the markets. And, I'm sure you remember last year OPEC increased output. But you need to consider the increased geopolitical tensions in the Middle East. For me, I think that's main reason."
Venezuelan oil minister Rafael Ramirez told reporters on Thursday that the global oil market has enough supply and cited geopolitical tensions as the main factor driving world oil benchmarks to record highs.

"In spite of this, OPEC is being usually accused for oil price changes and the expectation from OPEC to increase (its oil) production is an illogical expectation."
Acting head of the Iranian oil ministry, Gholamhossein Nozari said news agency Shana reported Friday. He said that the world should not anticipate OPEC to increase crude oil production and said that heads of OPEC states would not confer on skyrocketing oil prices in an upcoming Riyadh summit.

Updated: November 2, 2007