OPEC has no obvious reason to cut its oil output, the group’s president said today, even though Iran and Venezuela have cited excess supply in pushing for a reduction.

Iran’s oil minister said today that OPEC would make any decision on adjusting oil supplies in a collective manner, comments that could allay fears his country would use the meeting as a stump speech over its nuclear ambitions.

Oil prices soared to record prices today as world markets reacted negatively to Opec’s decision to pump more oil.

OPEC ministers today moved toward consensus on formally boosting the group’s oil output. But the move did little to ease concerns that the world’s hunger for crude may soon outpace the organisation’s capacity to feed it.