OPEC on Friday said it could do no more to rein in runaway world oil prices, blunting hopes the cartel might be prepared to pump more crude if the United States launches war on Iraq.

ORGANIZATION OF THE PETROLEUM Exporting Countries Secretary-General Alvaro Silva said the group already was pumping enough but could not counter the impact of the threat of war on oil prices.
       “What can we do more? I do not agree there is a lack of oil,” Silva told reporters in Davos on the sidelines of the annual World Economic Forum.
       “The problem of the price is the threat of war.”
       War fever and a seven-week-old general strike that has cut exports from OPEC nation Venezuela sent U.S. oil prices to a two-year peak of $35.20 a barrel this week. U.S. crude traded at $32.32 on Friday.
       OPEC aims to keep prices for a basket of its crude in a $22-$28 range and has just raised production quotas by 1.5 million barrels a day, seven percent, effective February 1.