OPEC Denies Beefing Up Price

OPEC has denied allegations that high crude prices are due to the organization's move to cut production, its President Purnomo Yusgiantoro said.

Purnomo said in a press release that the high crude oil prices are caused by among other things, low stock in the United States, speculation over the commodity's price in international market, and increased tension in some regions.

"The current high price was not due to low supply of oil," Purnomo, who is also serving as OPEC's secretary general, said.