OPEC says crude supply not to blame for oil price

Saudi Arabia and other OPEC members said on Wednesday they are not to blame for near-record oil prices, pointing the finger at a global shortage of refinery capacity and international political tension.

“OPEC does not find any reason at the moment to increase its production of crude oil,” the group’s president and United Arab Emirates Energy Minister Mohammed al-Hamli said.

“The member-countries of the organization are ready to pump additional amounts of crude oil into the market if the need arises.”

yahoo