OPEC Can't Affect Volatility: Nigerian Oil Min.

OPEC is powerless to affect the volatility in world oil prices and an emergency meeting would only fuel speculation and exacerbate the problem, Nigerian Oil Minister Odein Ajumogobia said on Monday.

"I am concerned, as is everyone, but such a sudden and significant upward spike is proof to me that OPEC cannot affect the current and perhaps unprecedented level of volatility that we are all aghast about in the oil markets," he told Reuters.

"This sort of volatility is not good for anyone. An extraordinary meeting of OPEC will only further fuel speculation in my view," Ajumogobia said.

Oil soared more than $16 a barrel - over 13 percent - in a two-day rally on Thursday and Friday on weakness in the U.S. dollar and rising tension between Israel and Iran.

OPEC members have said they see no need to pump more oil in response to the surge, which top exporter Saudi Arabia -- the only OPEC member with capacity to boost output quickly and significantly -- described as unjustified.

Officials from the Organization of the Petroleum Exporting Countries (OPEC) have repeatedly said that the rise is unrelated to market fundamentals but have warned that prices are likely to climb further.