Press Release Press statement by HE Abdalla Salem El-Badri, OPEC Secretary General Latest press releases Press statement by OPEC Secretary General, HE Abdalla Salem El-Badri (Vienna, Austria, 8 May 2008)Resolutions adopted by the 148th Meeting of the OPEC Conference (Vienna, Austria, 5 April 2008)OPEC Secretary General’s visit to IEA underscores shared commitment to dialogue (Paris, France, 25 March 2008) Archives Year 2002 2003 2004 2005 2006 2007 2008 No 7/2008
Vienna, Austria - 8 May 2008 In recent months, oil prices have become increasingly volatile, mainly driven by financial market developments and the increased flow of speculative funds into oil futures. The turmoil in some global equity markets and the considerable depreciation in the US dollar have encouraged investors to seek better returns in commodities, particularly in the crude oil futures market. This has driven prices higher.
There is clearly no shortage of oil in the market. OECD commercial oil stocks remain above the five-year average, with days of forward cover at a comfortable level of more than 53 days. US crude inventories, meanwhile, rose by almost six million barrels last week, which is a further indication that oil supplies are plentiful. OPEC Member Countries continue to produce at more than 32 million barrels a day (mb/d). In addition, a number of new OPEC crude oil projects have started to come on-stream and OPEC spare capacity continues to increase, with the figure currently standing above 3 mb/d. At the same time, crude oil movements indicate that some Member Countries are unable to find buyers for their additional supply.
OPEC will continue to be proactive and monitor these developments closely. The Organization stands ready to act if the market shows a need for any further measures.
The Organization will continue to strive for a stable and balanced market, with prices that reflect fundamentals, and are favourable to both producers and consumers.
The price of oil per barrel has risen to a new all time high. During trading in Asia and in London, England the price of NYMEX Crude oil futures, per barrel, was at US$124.34 (22:07 eastern time) setting a new record high. Brent Crude oil also hit a new record high of US$122.84, but soon retreated to $121.79.

inflation). 
Several factors, including a weaker U.S. dollar and worries on the world supply, have caused the price of oil to skyrocket in the past week.

Despite worries, OPEC states that supply is currently meeting the current demands and there is currently no shortage of oil.

"There is clearly no shortage of oil in the market. OECD commercial oil stocks remain above the five-year average, with days of forward cover at a comfortable level of more than 53 days. US crude inventories, meanwhile, rose by almost six million barrels last week, which is a further indication that oil supplies are plentiful," stated OPEC in a statement on its website.