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OPEC Won't Increase Oil Output

The Organization of Petroleum Exporting Countries President Chakib Khelil

The Organization of Petroleum Exporting Countries will not increase its oil output even in the next winter, the cartel's president Chakib Khelil said.

Speaking to the press after presenting his paper before Indonesian energy stakeholders, he said OPEC is currently having an overproduction.

"We are still waiting for what the next winter will be like. But we feel it is unnecessary to increase supplies," Antara news agency quoted Khelil as saying.

In fact, global crude prices fell to 125 U.S. dollars per barrel now from 140 U.S. dollars per barrel previously, he said.