Global oil markets are well supplied with crude, OPEC said, and despite the current surge in prices, there is no immediate need for the cartel to ramp up production. "The key thing is that these developments are not the result of a lack of oil on the market," OPEC communications director Omar Farouk Ibrahim said from OPEC headquarters in Vienna. "If the market was not well supplied then maybe the need for OPEC to pump more (oil) immediately to calm the markets would arise. But everybody would tell you that the markets are well supplied." The price of New York's light sweet crude hit a historic peak of 70.88 usd today as the market fretted over the possibility of a military conflict between the US and Iran. The price of Brent North Sea crude oil hit a record high 72.20 usd per barrel. Ibrahim said that at a consultative meeting on Sunday in the Qatari capital, Doha, OPEC ministers attending an international energy forum "will see what needs to be done to further calm the market." He said ministers from the 11-member Organization of Petroleum Exporting Countries have been in consultations for the past two weeks.