DOHA: There is nothing Opec can do to reduce record oil prices, so there is no need for the organisation to hold an emergency meeting before September, Qatar's oil minister said yesterday.

"We don't need to meet before September because we have nothing to do before that," Abdullah Al Attiyah said.

"The oil price is out of our control."

Attiyah said oil supplies were sufficient and there was no demand from refiners for more supplies.

An Opec source said earlier that the producer group might consult on whether it needs to boost oil output before a scheduled meeting in September should crude oil prices keep rising.

Publicly, ministers and officials from the Opec insist that supply is adequate despite pressure from the US and other major consumer countries for more oil to lower the price.

Al Attiyah said high oil prices were due to speculation and political tensions in some producing countries, such as Nigeria.

US crude jumped to a record price above $126 a barrel on Friday.

Asked if an Opec supply boost would send a signal to the market that might help ease prices, Al Attiyah said, "I don't think this is a reason to meet. We are not trading in psychological markets - there is no shortage in supplies."

A ministerial meeting of the Gas Exporting Countries Forum (GECF) will take place in Moscow in the autumn, Al Attiyah said.

The date have not yet been set. Experts from the GECF member countries were preparing the agenda, he said, declining to give details.

Opec includes big gas producers such as Qatar and Algeria, as well as countries with major gas reserves. The gas forum also includes non-Opec members, notably Russia.