UPDATE 1-Ecuador oilmin sees no early OPEC supply meeting

(Adds details from minister and background)

QUITO, May 9 (Reuters) - OPEC member Ecuador expects no early meeting for the cartel to discuss crude oil supplies because high prices have been driven mainly by speculation, Ecuador Oil Minister Galo Chiriboga told reporters on Friday.

"No, I don't see a need," Chiriboga said when asked whether OPEC should meet early to discuss record high crude prices.

His remarks came after an OPEC source said that if petroleum prices keep rising, the group may consult on increasing production before its scheduled September meeting. Publicly, OPEC ministers and officials say output is adequate.

OPEC Secretary General Adbullah al-Badri said on Thursday that OPEC was prepared to pump more oil if needed to keep pace with demand, but he said current supply was enough for now. (Reporting by Alonso Soto in Quito, writing by Patrick Markey in Bogota; Editing by David Gregorio)