“The supply is very efficient and very balanced and we don’t think this is a product of supply,” Abdullah al-Attiyah, oil minister for OPEC member Qatar told Reuters.

US crude oil futures hit a record near $140 a barrel on Friday, jumping more than $11 in it’s biggest gain in dollar terms on record. Since January, oil prices have soared nearly 40% and are up sixfold in the last six years.

Attiyah blamed the high prices on a weaker US dollar, market speculation and unspecified geopolitics.

“This is gambling from day-to-day, $10 up and down, and I have no answer for it,” Attiyah said.

Attiyah said he will meet with US Energy Secretary Sam Bodman later this week in Washington. (Reuters)