Oct. 28 (Bloomberg) -- Qatari Oil Minister Abdullah bin Hamad al-Attiyah said the Organization of Petroleum Exporting Countries ``can't do anything'' to quell rising oil prices, which breached $92 for the first time in New York last week.

`` The market is under psychological pressure, not demand pressure,'' al-Attiyah said in an interview today in Doha.

Crude oil for December delivery closed at a record $91.86 a barrel on Oct. 26, the last trading session in New York after the U.S. announced new economic sanctions on Iran.

``There is no shortage of supply at all. We checked with all our customers,'' al-Attiyah said on the eve of a gas conference in Qatar's capital.

He said it was unlikely OPEC members would agree to further raise output at their next meeting in the United Arab Emirates in December. ``We will have to study the market at that time,'' al- Attiyah said.

The Qatari minister also called for more investment in refineries. ``The market is short products, not crude,'' he said.

To contact the reporter on this story: Ayesha Daya in Doha adaya1@bloomberg.net

Last Updated: October 28, 2007 13:22 EDT