ABUJA—OPEC is ready to intervene to cool world oil prices, which the cartel insists are not driven by market fundamentals, but sees no immediate need to increase supply, Nigeria's Oil Minister Odein Ajumogobia said on Friday.
Ajumogobia said the weakening dollar and fears of a future supply gap were responsible for the record high oil prices.
"OPEC has consistently said they are monitoring the market and if there is any need to intervene ... some OPEC members will be able to pump some more oil into the market," he said.
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