"High prices are here...to stay. No one can say if it will be $100/barrel, $110/b or above. I've said that I see oil prices at $80-110/b--that's my guess for this year."
Oil prices are likely to remain high for some time, even though they are not due to a shortage in supply or world stock levels, OPEC president Chakib Khelil said Tuesday in London.

"The market is well-supplied. There is no physical demand for more oil. We have gone to all our lifters and they see no need for additional oil. We don't see any need to panic."
Qatari oil minister Abdullah al-Attiyah said Tuesday world oil markets were well-supplied and there was no need for OPEC to raise crude production, with speculators exerting a very strong influence on the price of oil.

Updated: April 8, 2008