The Organization of Petroleum Exporting Countries doesn't need to take any immediate action in the wake of crude oil prices reaching a record high of slightly above $100 a barrel, Iraqi Oil Minister Hussein al-Shahristani said Monday.
"OPEC always stands ready to supply the world energy demand, but there is no shortage on the supply side that requires (OPEC to take) an immediate action," al-Shahristani said in an interview with Dow Jones Newswires.
The minister said, however, OPEC's March 5 meeting "will consider the market situation and take necessary measures to stabilize the market."
Despite high prices, some in OPEC have called on the group to cut output to match the fall in demand as the northern hemisphere winter ends and as the U.S. economy slows.
However, al-Shahristani said there is "no indication yet that the demand for oil in Asia and the Middle East is influenced by the U.S. slowdown."
The minister didn't rule out OPEC discussing the row between Venezuela and U.S. Exxon Mobil Corp. (XOM) at its March meeting.
"Any member country can request to include matters of concern in the agenda and OPEC will of course consider it if it is raised by Venezuela," he said.