OPEC's top officials Thursday sought to ease European Union concerns over high oil prices, saying the energy cartel had the capacity to meet growing global energy demand, reported dpa. "We have the capacity to supply the market in the third and fourth quarters of the year," OPEC President and Kuwait energy chief Sheikh Ahmad Fahad al-Ahmad al-Sabah said after first-ever joint ministerial talks with E.U. energy chiefs. OPEC was "doing its best to increase production," Sheikh Ahmed said, adding that oil producers were also using the latest technology to put a better product on the market. Oil producers were committed to ensuring global economic growth, he was reported by dpa as adding. High oil prices are the result of "psychological worries" in world markets, not supply shortages, the OPEC chief said. "Although the market is well-supplied, prices are high. One main factor is the psychology of the market," Sheikh Ahmed said. The OPEC president said concern about refining capacity, weather, environmental questions and geo-political issues were weighing on markets. --More 2334 Local Time 2034 GMT
