OPEC to keep output at current levels: president

Kuwait's Minister of Energy Sheikh Ahmad Al-Fahad, who is now president of the Organization of Petroleum Exporting Countries (OPEC), said on Sunday the oil bloc will keep its current output of 27.5 million barrels per day (bpd),the official KUNA news agency reported.

Speaking on the sidelines of a joint workshop co-sponsored by the OPEC and the International Energy Agency (IEA), Sheikh Ahmad said the present oil prices are viewed as appropriate and acceptable by all.

But he expected production to rise during the fourth quarter of the year to meet a projected rise in global demand.

OPEC members decided to raise production by 500,000 bpd to 27.5 million bpd during a meeting in Isfahan, Iran, in March. But the actual output by the 11-member oil cartel is estimated to top 29 million bpd.

Oil prices have stood at about 50 US dollars per barrel, with a record high of 58.28 dollars in early April.