"OPEC can do little to lower oil prices"

OPEC can do nothing to lower oil prices from current levels and has ceded much of its oil-pricing power to traders, U.S. Energy Secretary Sam Bodman told the Reuters Global Energy Summit in New York. "The producers of crude oil have ceded to the traders the setting of price and that's different than has existed," Bodman said.

Saudi Arabia's spare capacity is likely to be mainly heavy oil and not useful to the markets right now, Bodman said. "The Saudis say they have an extra 1 million barrels but I take that with a kind of a grain of salt. I know they have the capacity (but) my sense is it is heavy oil and that's not easily refined by most refineries."

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