Riyadh: OPEC president Mohammad al-Hamli today said that current high oil prices are "potentially dangerous" as they are driven by factors that are beyond the 12-member cartel's control. "These prices are potentially dangerous," Hamli, who is also the oil minister of the third largest OPEC producer United Arab Emirates (UAE), told a symposium held as part of a rare OPEC summit.

Last week, oil prices raced close to the 100-dollar mark before sliding back as Organisation of Petroleum Exporting Countries ministers prepare to hold a crucial meeting in Abu Dhabi next month to decide on the issue of output.

"OPEC is doing all it can for prices to be suitable" for consumers and producers, Hamli said. "But it is clear that factors are beyond OPEC's control."

The minister attributed the rise to geopolitical tension, weather issues, "an aggressive level of speculation" and a sharp decline in the dollar.

"There is an increasing disconnect between oil prices and fundamentals (of supply and demand)... In 2007,prices are rising although there is enough supply," Hamli said.

Source : PTI