The Organization of Petroleum Exporting Countries says its oil production exceeded market demand, citing psychological reasons for price hikes.
OPEC's Secretary General Adnan Shihabeddine said in an interview with the Saudi magazine "Pipe Line," to be published next week, that "unjustified psychological fears from oil shortages resulted in the rise of oil prices in the latest period."
"There is a surplus in OPEC's production exceeding average demand ... We will seek to achieve balance and won't hesitate to increase production if we see there is an increase in demand," Shihabeddine was quoted as saying by the UAE news agency, WAM, which obtained excerpts from the interview.
He stressed that OPEC will keep on monitoring closely the oil market and "will not allow oil prices to increase in a way to harm world economies."
"OPEC is seeking a price range that will be acceptable to all, producers and consumers," he said.
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