Speculation adds $ 8 to oil barrel: OPEC President

He also blamed high taxes in oil consuming countries for high fuel prices at the pump.

''At the moment we estimate that speculation is adding $ 8 per barrel on top of the real price that a barrel should be worth based on supply and demand,'' said Mr Ali Rodricuez in a television interview in Caracas.

US benchmark crude oil futures stood at $ 37.13 per barrel at 8:10 am IST on Wednesday, two cents below its post-gulf war peak on Monday, on fears that the US will run short of heating oil this winter.
OPEC has increased its supply to world markets by 3.2 million barrels per day, or 14 per cent, this year in a vain attempt to dampen sizzling prices.

Bureau Report