OPEC President: No need to raise supply

The president of the Organization of Petroleum Exporting Countries, Chakib Khelil, insists oil producers see no need to raise supply. He blames high prices on factors outside OPEC's control, such as US pressure on Iran and the weak US dollar.

Khelil made the comments after talks with European Union nations. The OPEC chief said the cartel believes it's pumping enough oil to supply current demand and has stocks and extra capacity to spare.

Khelil said prices in the next few weeks will depend largely on how the US deals with Iran and the strength of the dollar. Khelil blames high prices on the US subprime crisis.

He said they started to diverge in August when the US subprime crisis began to bite, leading to a weaker dollar.