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October 30, 2007 8:20 AM, EDT

OPEC Says Oil Will Not Reach $100 Soon

OPEC said current record crude oil prices do not reflect the group’s objectives and that oil is not likely to reach $100 a barrel soon, Bloomberg reported Tuesday.

OPEC has a “duty” to supply the world with oil at stable prices, OPEC President Mohamed al-Hamli at an oil conference in London, Bloomberg said. Al-Hamli is also the oil minister of the United Arab Emirates.

If the market needs more oil, OPEC will supply it using its spare capacity of 3.5 million barrels a day, he said.

OPEC “recognizes it has a responsibility” to ensure “stable” prices for producers and consumers, said in a speech. Al-Hamli said he does not expect oil to reach $100 a barrel in the near future.

Crude oil set a record Monday, closing on the New York Mercantile Exchange at $93.53 a barrel, more than $1 over the $91.86 record set Friday. Thursday was the first time oil had closed at more than $90 a barrel.