Kuwaiti Energy Minister Sheikh Ahmad Al-Fahd Al-Sabah, who currently holds the rotating presidency of the Organization of Petroleum Exporting Countries (OPEC), said Tuesday that the oil cartel will hike the crude output to 30.3 million barrels per day (bpd) in June.

Sheikh Ahmad was quoted by the official Kuwait News Agency as saying that the 11-member oil bloc will increase the oil production to 30.3 million bpd as of next month, from last month's level of 29.7 million bpd.

OPEC is due to hold a meeting on June 15 to discuss the demand and supply for the third quarter of this year.

"The regime of official quota has become old and now we have been dealing with the issue of the output regardless of the quota basis," Sheikh Ahmad said on Monday.

In March, OPEC member states decided at a meeting held in the Iranian city of Isfahan to lift its output ceiling by 500,000 bpd to 27.5 million bpd to stem rising oil prices which have been lingering above 50 US dollars per barrel for most of this year.