CARACAS, Venezuela (AP) -- OPEC's secretary-general said that the world oil market is well supplied, even as the price for a barrel of oil soared above $130 for the first time.
OPEC chief Abdalla Salem el-Badri met Tuesday in Caracas with Venezuelan President Hugo Chavez.
Venezuela's state-run news agency quotes El-Badri as saying ''there's no scarcity of oil in the market'' because international oil supplies are very high.
Recent record-high oil prices have been propelled by worries about insufficient supply, soaring global demand and a sliding dollar that has made oil cheaper in other countries.
Oil prices rose above $130 a barrel for the first time Wednesday in Asia as supply concerns mounted and the dollar weakened.
Light, sweet crude for July delivery swept to a trading record of $130.47 a barrel in electronic trade on the New York Mercantile Exchange after closing at $128.98 in the floor session. It later retreated to $130.36 a barrel, up $1.38.
The June contract, which expired Tuesday, settled overnight at $129.07 a barrel.
