VIENNA, Aug 23 (AFP) - OPEC insisted Monday that high oil prices were a result of speculation and vowed to provide enough crude to calm global markets, while an energy research group warned prices could remain high for some time.
"There are two main factors (for the price hikes), a fundamental one is the rising demand especially in China and India," OPEC Secretary General Maizar Rahman said.
"We also have problems downstream" in the United States where refineries were working at full capacity, as well as non-fundamental geo-political factors in major producing countries like Venezuela, Nigeria and Iraq, the Indonesian OPEC official added.
As a result "people say that 10 to 15 dollars a barrel is due to non fundamentals, to speculation," Rahman added, repeating an explanation already offered by the Organisation of Petroleum Exporting Countries.
Oil prices eased off record highs on Monday, with New York's main contract, light sweet crude oil for delivery in October dropping 19 cents to 46.53 dollars per barrel in early deals.
In London, the Centre for Global Energy Studies said the global oil supply and demand situation could get tighter still however, in turn keeping prices high.
"We are in the midst of an old-fashioned tight market, neither more nor less, and it could get tighter still," the think tank said in its August monthly oil report.
It laid blame for the problem at OPEC's door, saying that the cartel has refrained from adding to its capacity since 2000, disregarding market signals such as growing demand and rising prices.
OPEC is collectively pumping around 30 million barrels per day, but could decide to increase its total by 1-1.5 million bpd when it meets on September 15.
According to OPEC president Purnomo Yusgiantoro, the cartel is waiting for other producers to follow Saudi Arabia's lead in utilising available spare capacity.
Rahman said: "OPEC is always trying to keep the market well supplied."
While it would use its spare capacity to help meet demand, "the non fundamental (factors are) beyond OPEC's control," he stressed.