LONDON, April 4: Opec Secretary General Ali Rodriguez on Thursday ruled out an oil output hike by the producer group to quell a recent spurt in oil prices caused by escalating violence in the Middle East.

We cannot increase supply if the demand is so low as it is at the moment, Rodriguez said.

The jump in prices is the result of speculation but not the result of a shortage of supply.

We have to wait and see the situation because if we increase production now and the situation returns to normality maybe we can face a collapse of prices, he told BBC radio.

Oil prices have rebounded by about 50 percent from their September low points, helped by signs of a recovery in demand and producer output cuts orchestrated by the Orgnization of Petroleum Exporting Countries (Opec).—AFP