DUBAI, Oct 18 (Reuters) Oil exporters have no influence over the factors that have triggered a spike in crude prices, an official at the United Arab Emirates' largest state-owned oil company said in remarks published on Thursday.
''The main reasons behind the increase in prices is the shortage in refining capacity and geopolitical tensions...'' said Sultan al-Mehairi, the head of marketing and refining at Abu Dhabi National Oil Company (ADNOC).
''These are the main factors that are affecting the market and producers have no influence over them,'' Mehairi was quoted as saying by Abu Dhabi-based newspaper al-Ittihad.
ADNOC is the production arm of Abu Dhabi, which controls more than 90 percent of the oil resources of OPEC-member UAE.
Oil's surge to near the inflation-adjusted peak reached in 1980 has alarmed both consumers and producers, fearful that it may blunt economic growth and diminish demand for crude.
The weakness of the U.S. dollar has increased speculation in commodities markets but other factors were more bearish, he said.
''Consumer countries' crude oil inventories are good and the peak of the hurricane season in the United States has passed without a notable impact on the industry,'' he said.
Oil hovered more than $1 below its record high of $89 a barrel on Thursday after one OPEC minister raised the prospect of another output increase and U.S. data showed rising inventories and weak demand.
Nigeria's Minister of State for Petroleum Odein Ajumogobia told Reuters on Wednesday that OPEC policymakers could opt to take action around the time of an OPEC summit in Saudi Arabia on Nov. 17, opening the door to a possible supply boost sooner than the next official meeting in early December. [ID:nL17763774] The Organization of the Petroleum Exporting Countries has already agreed to pump another 500,000 barrels a day from Nov. 1.
U.S. crude for November was up 20 cents at $87.60 a barrel by 0852 GMT.
REUTERS SBA DS1435