OPEC Secretary-General, Mohammad Barkindo, said on Thursday that there are many non-fundamental factors influencing the oil market that are beyond oil producers' control.
OPEC cut its forecast for growth in non-OPEC oil supply in 2019 by 30,000 bpd to 2.12 million bpd.
The Fund reduced the global economic growth from 3.9 to 3.7 percent.
In its monthly report, the Organization of the Petroleum Exporting Countries said world oil demand would increase by 1.36 million barrels per day (bpd) next year, marking a decline of 50,000 bpd from its previous estimate.
Technology shares tumbled on fears of slowing demand and concerns about U.S.
Barkindo, speaking at the Oil and Money conference in London, also said he wanted to ensure there is no shortage of crude in the market.
Volumes for Brent are four times the average for the Asian timezone, while WTI contracts were about 75 percent above typical turnover, McCarthy said.
The prices are being driven up in part because crude oil inventories continue to rise, meaning there's a plentiful supply.
"We will take care of them", he said.
USA crude inventories USOILC=ECI rose 6 million barrels last week, the Energy Information Administration said, more than double analysts' expectations of a 2.6 million-barrels increase.
Companies turned off daily production of about 670,800 barrels of oil and 726 million cubic feet of natural gas by midday on Tuesday, according to offshore regulator the Bureau of Safety and Environmental Enforcement. The cuts represent 718,877 barrels per day (bpd) of oil production.
While production has been cut because of the hurricane, "down time is expected to be brief and Gulf of Mexico output now accounts for a comparatively small portion of total US production", Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.
Goldman Sachs says US shale oil production can continue to increase by 1 million bpd every year until 2021, according to a new report by the investment bank.
This story has been published from a wire agency feed without modifications to the text.