High oil prices are due to speculation and are only a temporary phenomenon, according to the Abdalla El Badri, secretary general of Opec. He tells the FT's Richard Edgar that the oil producers' organisation sees no need to increase production to reduce prices as supply is already strong and that there are no plans to change its target of $70-80 a barrel.
Produced by Seb Morton-Clark, filmed by Gregory Bobillot
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