OPEC is unable to do anything to stop surging oil prices, the cartel's president Edmund Daukoru has said. "There is no shortage in oil supply. The current geopolitical conditions are out of OPEC's hands," the visiting Nigerian petroleum minister was quoted as saying by the Iranian oil news agency Shana Thursday.
Iran's Oil Minister Kazem Vaziri Hamaneh nevertheless voiced satisfaction over the current prices.
"The oil prices are currently at a good level, but what would be worrying is the fluctuations," he was quoted as saying by the official IRNA news agency.
World oil prices rose above 74 dollars per barrel on Thursday, supported by strong demand for motor fuel in the United States, supply disruptions in Nigeria and also by continuing violence in the Middle East.
