Take a look at the prices a year ago..
Record-high crude prices have nothing to do with supply and demand but rather are caused by speculation and a weak dollar, OPEC Secretary General Abdullah al-Badri said.
World leaders have hounded OPEC to pump more as prices hurtle towards $130 per barrel, but Badri said the organization would not act on production levels until it was warranted by market fundamentals.
"There is a lot of oil in the market, stocks are very high, about 53 days forward," he said in an interview with Reuters during a visit to OPEC founding member Venezuela. "We are worried because these prices have nothing to do with supply and demand."
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