OPEC vows to ensure enough oil in market

OPEC intends to keep the market awash with oil and build up a spare capacity to ease fears about any shortage and keep prices at around $50 in 2006, according to its new Acting Secretary General.

But Mohammed Barkindo said the 11-nation organisation, which had one of its best financial years in 2005, believes other factors are also influencing the market, including refinery bottlenecks in consuming countries, geopolitical tensions, and speculation.