Crude oil rose to a new record high above $113 a barrel in New York on supply disruptions in Nigeria and Mexico and rising fuel demand in China.
Oil climbed to $113.66 a barrel on the New York Mercantile Exchange, the highest since futures began trading in 1983.
OPEC's latest Monthly Oil Market Report said the group is pumping enough oil and the US economic slowdown may weaken consumption in the second quarter.
The comments underline the group's view that factors beyond supply and demand are sending oil to all-time highs. Crude hit a record high of $113.66 a barrel today.
"The fundamental picture in the second quarter of 2008 appears to be in line with the typical seasonal pattern for this time of year," the report by economists at OPEC's Vienna headquarters said.
"Current OPEC production at more than 32 million barrels per day (bpd) will be sufficient to both meet demand growth and contribute to further stockbuilds."
The report from OPEC coincided with renewed calls from consumers for more oil. British Prime Minister Gordon Brown today urged producers to act to counter high prices.
But the Organization of the Petroleum Exporting Countries says factors like the weakness of the US dollar, speculative trading and political tension are lifting prices, not a lack of oil.
The 13 OPEC members pump about two in every five barrels of oil.
Agencies