OPEC Secretary-General says oil market has gone 'crazy' and blames situation on geopolitical tensions, speculation and weak US dollar

OPEC Secretary-General Abdullah El-Badri maintains that the oil market has gone 'crazy' and blames the situation on geopolitical tensions, speculation and the weak US dollar. “We want moderate prices”.
“The price was 130 US dollars a barrel and today it has soared to 135 in a market gone totally crazy”, said the OPEC Secretary General in Quito during a press conference. “The US economy is in recession and the dollar is rapidly depreciating which impacts on the price of oil”, said El-Badri.
However as has been OPEC’s (Organization of Petroleum Exporting Countries) official stance, El-Badri pledged that the organization would act to boost supply if it were to see any shortages in the market.
“Even if we increase output tomorrow, the prices will not come down because of speculation and because of a weak dollar”, said El-Badri who this week visited OPEC members Venezuela and Ecuador. 'When we see there is a shortage of supply, we will act' he added.