The OPEC president said on Thursday the cartel, which controls half the world's crude exports, is concerned about high oil prices but has already organized output cuts from April.
"The current oil price will not be a benefit to the world. We are concerned about that," Purnomo Yusgiantoro told reporters in Jakarta.
However, he suggested OPEC would not back track on its February decision to cut official production to 23.5 million barrels per day from 24.5 million bpd from April 1.
"That is already policy," he said.
"We have already cut. Nominations were decided in early March. We are in the middle of March currently, so OPEC members have told their producers to cut allocations amounting to one million bpd.
"So the April decision is implemented because April nominations were decided at least around March 10."
Benchmark U.S. light crude prices reached a 13-month high on Wednesday of $38.35 a barrel before ending at a 13-year closing high of $38.18.
The crude was trading in Asia at $38.08 on Thursday.
OPEC has come under fire from consumers who fear such high oil prices will hold back economic growth.
Earlier this week William Ramsay, deputy executive director of the International Energy Agency, which monitors energy markets for industrialized nations, said he was "shocked" at such high oil prices.
U.S. light crude prices averaged $31 in 2003, their highest in more than two decades and the average so far in 2004 is $35.
But Purnomo, who previously has said OPEC is producing crude above its self-imposed limits and would guarantee supplies, said current prices did not reflect the supply and demand in the market, but instead reflected issues like the security concerns sparked by the Madrid bombings.
"The current high price is not based on the fundamentals," he said.
OPEC members Venezuela and Nigeria have called in recent weeks for OPEC to raise its $22-$28 per barrel reference price band, used to help determine production policy.
But Purnomo said no concrete proposal for change had been made to the 11-member cartel.
The OPEC reference price, based on a basket of crude oils, was last valued at $32.95 a barrel and has been above the upper limit for several months.
OPEC has said that if the reference price stays above $28 for more than 20 consecutive working days, the cartel can open the taps.
The 10 members of OPEC with quotas are expected to produce 25.63 million bpd in March, more than one million bpd above the official ceiling, according to tanker tracking consultants Petro logistics. Iraq does not have a quota.
"The current oil price will not be a benefit to the world. We are concerned about that," Purnomo Yusgiantoro told reporters in Jakarta.
However, he suggested OPEC would not back track on its February decision to cut official production to 23.5 million barrels per day from 24.5 million bpd from April 1.
"That is already policy," he said.
"We have already cut. Nominations were decided in early March. We are in the middle of March currently, so OPEC members have told their producers to cut allocations amounting to one million bpd.
"So the April decision is implemented because April nominations were decided at least around March 10."
Benchmark U.S. light crude prices reached a 13-month high on Wednesday of $38.35 a barrel before ending at a 13-year closing high of $38.18.
The crude was trading in Asia at $38.08 on Thursday.
OPEC has come under fire from consumers who fear such high oil prices will hold back economic growth.
Earlier this week William Ramsay, deputy executive director of the International Energy Agency, which monitors energy markets for industrialized nations, said he was "shocked" at such high oil prices.
U.S. light crude prices averaged $31 in 2003, their highest in more than two decades and the average so far in 2004 is $35.
But Purnomo, who previously has said OPEC is producing crude above its self-imposed limits and would guarantee supplies, said current prices did not reflect the supply and demand in the market, but instead reflected issues like the security concerns sparked by the Madrid bombings.
"The current high price is not based on the fundamentals," he said.
OPEC members Venezuela and Nigeria have called in recent weeks for OPEC to raise its $22-$28 per barrel reference price band, used to help determine production policy.
But Purnomo said no concrete proposal for change had been made to the 11-member cartel.
The OPEC reference price, based on a basket of crude oils, was last valued at $32.95 a barrel and has been above the upper limit for several months.
OPEC has said that if the reference price stays above $28 for more than 20 consecutive working days, the cartel can open the taps.
The 10 members of OPEC with quotas are expected to produce 25.63 million bpd in March, more than one million bpd above the official ceiling, according to tanker tracking consultants Petro logistics. Iraq does not have a quota.
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