OPEC Secretary General Ali Rodriguez has vowed that the cartel will do all it can to prevent the price of oil rising excessively.
According to a report in Spain's La Gaceta newspaper Rodriguez said that OPEC was studying measures "to slow the high level of speculation" over the price of oil.
"Producing countries and private companies have sent us proposals along these lines," he said without providing details.
Rodriguez said that a decision by OPEC to reduce its overall output by one million barrels per day from April "was essential to avoid a collapse of prices in the spring".
In taking the decision, OPEC had taken account of the state of the US economy, he said.
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