OPEC could raise its oil output towards the end of the year rather than during the summer months, Algerian Energy Minister Chakib Khelil said Monday.
"Oil producing countries will have the possibility of increasing output at the end of the year, and not during the summer," he said in an interview with the Emirati news agency.
"But, with the exception of Venezuela and Algeria, they (OPEC) will not be able to meet the demand with the required speed," said Khelil, without reference to Saudi Arabia which has spare capacity of more than 300,000 barrels per day (bpd).
He said that Algeria, whose OPEC quota is 788,888 bpd, aimed to raise output by 50 percent over the next five years.
The Organization of Petroleum Exporting Countries is to meet on June 21 in Vienna to review the oil market after its March decision to raise output that has seen prices fall about five dollars to 25 dollars a barrel - (AFP)
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