The president of Nigeria, one of the world’s leading oil producers, warned ahead of a weekend OPEC summit that excessively high oil prices posed a danger to his country’s economy.

At nearly 100 dollars (69 euros) a barrel, the current price of oil would benefit producer countries only in the short term, Nigerian President Umaru Yar’adua said in a speech delivered by his energy minister in the country’s capital, Abuja.

“But it is a great danger in the long term as this will fuel recession and also bring reduction in demand,” according to Yar’adua who advised members of the Organisation of Petroleum Exporting Countries to tamper the spiralling prices.

Nigeria is the world’s eighth largest oil producer.

For its part Saudi Arabia, which is hosting the OPEC meeting, predicted Tuesday the cartel could meet surging demand, ruling out fears of a shortage of crude which have driven prices up.

Meanwhile, US Energy Secretary Samuel Bodman said he wanted 12-member oil producers’ cartel to increase oil production.

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