Shortages not boosting oil prices: Venezuelan official

A leading official from the Organization of Petroleum Exporting Countries has dismissed the need to bring down sky-high oil prices, saying the market is currently well supplied. Speaking to reporters at the World Heavy Oil Congress in Edmonton yesterday, Venezuelan Energy Minister Rafael Ramirez said that the current price spike - oil closed at $108.75 (U.S.) a barrel yesterday - is the result of U.S. dollar weakness and commodity market speculation, as well as a lack of refinery capacity.