Saudi minister says record oil above $145 driven by many factors

MADRID (Reuters) - Record oil prices above $145 a barrel are being driven by many factors, but not a shortage of crude, Saudi Oil Minister Ali al-Naimi said on Thursday.

The oil minister of the world's biggest exporter said the factors were: a large flow of financial money, a weak U.S. dollar, geopolitics, fear the world is running out of fossil fuels and natural disasters.

"Now when you combine all of these and try to figure out what the price will do it will be a difficult task for anybody," he told reporters on the sidelines of an energy conference.

Riyadh has promised to raise output to 9.7 million barrels per day (bpd) this month in response to higher demand, marking an increase of 550,000 bpd since May.

Naimi repeated the kingdom was prepared to pump still more, provided customers were asking for it.

"Today all our buyers are satisfied and happy," he said.

Asked whether oil would hit $150 a barrel, Naimi replied: "If I knew that, I'd be in Las Vegas."

(Reporting by Daniel Fineren and Martin Roberts)