Oil prices jumped back towards record highs this evening after the president of OPEC said there was uncertainty surrounding future investment in facilities to boost crude output.
The International Energy Agency (IEA) also said growth in supply would outpace demand until 2010, after which the market was likely to experience supply tensions.
US crude gained $1.91 to $141.91 a barrel, having struck a historic peak of $143.67 on Monday. Brent North Sea oil jumped $2.33 to $142.16, not far from its Monday record of $143.91.
Speaking at the World Petroleum Congress in Madrid, OPEC president Chakib Khelil said the oil producers' cartel was concerned about future demand, underlining that the organisation was in no mood to pump more crude to cool record prices.
'The concern we have is about the security of demand,' Khelil, who is also Algeria's energy minister, told delegates.
He said there were 'big uncertainties' about making huge investments in infrastructure to increase output from the 13 OPEC member countries, which currently pump about 40% of world oil.
