OPEC says no need for oil output hike

Daily garbage what comes from OPEC officials.

"...that there is no need for the oil cartel to increase production now because there is plenty of oil in the market..."

Yahoo News, 11/14

Here a few reasons why al-Badri is wrong:

1) If there is no demand for more oil why is the price going up?

2) If the price is going up because of investors who by oil Future contracts:

2.1) Where is the oil stored? If I go long on an oil Future contract, the oil has to be there on the day of delivery. What should be observed is a massive buildup of oil inventories anywhere in the world. Since that doesn't happen the obvious reason for rising oil prices must be demand.

3) Why isn't OPEC/Saudi Arabia active on the markets itself? Since this 100$ oil is only a "bubble", why don't they just short the contract and by this way make a lot of money?

4) What about some new explanations? We already heard the "lots of supply theory" at 40$. The statement stays the same, the price goes up.