The OPEC Secretary General, Abdala El-Badri, has said oil price was at 130 dollars and today is at 135, so it is really 'crazy'.

El-Badri said the OPEC members are unhappy with surging prices, blaming it on speculators and a weak US dollar.

"We are not very happy with this increase in oil prices," said El-Badri during his visit to Ecuador.

"Volatility has nothing to do with the fundamentals. It has nothing to do with world demand," he said, stressing that a dropping dollar was driving prices higher.

Once again he said the market is well supplied with oil, adding if there were shortage of oil in the market the oil cartel would not have hesitated to raise production.

"But today we are convinced that this price has nothing to do with the market, there is a lot of oil in the market, there is no shortage whatsoever, the stocks are very high, at comfortable levels and the main problems are speculators."

El-Badri is on a week-long visit to two OPEC members Venezuela and Ecuador.

Ecuador first joined OPEC in 1973, but quit it in 1992 as a result of a dispute over the production quotas assigned by the organization.

The country decided to resume its membership of the organization last year and now is one of its 13 members.