But $162 billion was invested in OPEC countries to boost capacity and in fact the cartel would like to see the prices at lower levels than the current ones, he added.
"We do not prefer a high price, we'd like to see a comfortable price," El-Badri said.
More than 85 percent of the OPEC revenue from selling crude are going back to the U.S. and European Union anyway, he added, because member countries were buying materials and goods from there.
"We are not really keeping that money in our member markets, we are channeling it back into the market," El-Badri said.
Earlier on Tuesday, Saudi Arabia's King Abdullah was quoted as saying that oil prices were unlikely to come down even if OPEC would pump more.
"People who think that oil prices will go down once production is raised are wrong because there are indications the prices will remain high," the Arab Times quoted the ruler of the world's largest oil exporter as saying.
On Monday, Saudi Oil Minister Ali al-Naimi said Saudi Arabia stands ready to pump as much oil as its customers require, but supply for now was adequate.