As demand has risen steeply in 2010 and is expected to rise further in 2011, the market is watching closely whether OPEC can release at least some of its spare capacity to prevent prices from soaring to around $150 per barrel as they did before the crisis struck in summer 2008. OPEC's most influential oil minister, Saudi Arabia's Ali al-Naimi, said on Friday he was still happy with an oil price of $70-80 a barrel and there was no need for an extra OPEC meeting before the next scheduled one in June.
Others in the group have been pressing for a higher price, arguing that quantitative easing and a weakened U.S. dollar that spurred gains across financial markets mean the oil price strength is partly nominal.
Egyptian Oil Minister Sameh Fahmy said the current increase in oil prices was the result of higher demand on heating fuel because of the cold weather in Europe.
United Arab Emirates Oil Minister Mohammed al-Hamli said crude oil inventories are "quite high. It's the highest over the five years average... The market is well supplied."
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