Global oil prices have risen too high, too quickly but increased OPEC output will not stem the rise as the climb is driven by demand, the chief executive of French oil major Total said on Sunday.
The world economy is just recovering, Christophe de Margerie told Reuters ahead of an energy conference in the UAE capital Abu Dhabi. It would have been better for the prices not to go too high too quickly.
The market is bullish because there is increasing demand in emerging markets ... it (demand) is higher than expected.
Brent crude rose above $99 a barrel on Friday in New York, gaining 5.73 percent on the week. Meanwhile, U.S. crude oil for February delivery rose 14 cents to settle at $91.54 a barrel.
A Reuters poll last week showed U.S. crude oil is expected to hit $100 a barrel in the first quarter, but a new record high above $147 is far less likely.
Asked whether OPEC should raise production, de Margerie said that may not help curb rising prices.
It's difficult because there is no shortage of oil. Today it is much more determined by the market, he said, adding: Too high oil would not be well received by consumers.
Iran's oil minister said on Sunday no OPEC countries had requested an emergency meeting to discuss the rising price of crude. Massoud Mirkazemi called $100 oil a real price and said it was not a matter of concern for producers.
(Reporting by Humeyra Pamuk; Writing by Amran Abocar; Editing by David Holmes)