President of the Organization of Petroleum Exporting Countries (OPEC) Sheikh Ahmad Al-Fahad Al-Sabah said on Monday that he will consult with OPEC members to increase 500,000 barrels per day (bpd) in case oil prices hike by the end of this week.

"If oil prices continue to rise or maintain current levels until end of this week, I will consult with my colleagues" to pump extra half a million barrels, Sheikh Ahmad, also the Kuwaiti energy minister, was quoted by Kuwait's official KUNA news agency as saying.

He predicted that the third quarter of the year would witness a one-million-bpd increase in demand.

On whether Saudi Arabia would increase its production over its 9.5 million bpd, he said all OPEC members were ready to increase production to provide enough supply for the oil market.

The OPEC is currently producing around 30.3 million bpd.

Oil prices are exceeding 55 dollars per barrel, despite the OPEC's recent increase of 500,000 bpd.

Source: Xinhua