ABUJA, NIGERIA – According to OPEC President Edmund Daukoru, last week’s spike in crude oil prices, which neared $80 a barrel before setting at a record high of $78.40, was “very uncomfortable” and hurting the world economy, reports Reuters.

“If it would have stabilized around the mid-60s, I don't think people would complain too much,” said Daukoru on July 19. “Clearly the latest flare-up between Israel and Hezbollah is really the reason for the latest spike …. It is always unfortunate if we have to address issues outside the power of OPEC,” he said.

When asked if current oil prices were hurting the world economy, Daukoru responded, “At such high prices it must have an impact.”

Daukoru also commented that OPEC had plenty of spare production should Iran reduce its oil exports as a result of the Israel-Hezbollah conflict

“We should have even more than 2 million barrels per day available, so whether the disruption comes as a result of Iran or some other cause, we will be able to put on the extra capacity provided there are refineries to take it," Daukoru told the news source.

Meanwhile, CNN reports that crude oil prices dropped for the third consecutive day on Wednesday, settling at $73.30 a barrel.