80-dollar oil not expected to last

80-dollar a barrel oil prices are not expected to last long, says the top man at OPEC. Funny how gasoline prices did not shoot up overnight when the oil price reached this milestone. Kind of gives a lie to the claim that the market is solely responsible for gasoline prices.

The price of oil surged to record highs this week even after the Organisation of Petroleum Exporting Countries announced it would pump an extra 500,000 barrels per day from the start of November as a signal of the cartel's willingness to respond to supply fears in consumer countries.

One-off factors such as the hurricane season were behind that, El-Badri argued.

But still the cartel was scratching its head over the exact reasons.

"We're all asking ourselves why. Perhaps you (the markets) know something we don't."

Asked whether OPEC at its next meeting in December would discuss further raising output if the oil price persisted at current levels, El-Badri was tight-lipped.

"Of course, we will discuss supply, demand and inventories, as usual," he said.

"We don't enjoy seeing a very high price."