Oil jumped over $10 on Friday to over $139 a barrel, its biggest-ever one day rise. The Organization of the Petroleum Exporting Countries has blamed factors other than supply for oil's record run.

"I ask through you, through Reuters, really we need some calm. We are panicking too much," Badri told the Reuters Global Energy Summit.

"The situation is unbearable as far as we are concerned. I want to say, there is no shortage now and in the future."

Saudi Arabia, the world's top exporter and OPEC's most influential member, said on Monday it would soon call for a meeting to discuss what it called unjustified rises in prices.

Badri supported the idea of holding such a meeting, which he said might happen before the next scheduled OPEC gathering in September.

He also said he hoped that measures could be taken to curb speculation in the oil market.