OPEC Secretary General Abdullah Al-Badri said Thursday the oil-producing cartel will not increase production in the coming months as the international oil market is currently well-supplied.

Badri made the remarks here after meeting with European Union (EU) leaders at the 4th ministerial energy dialogue between the two sides.

Badri said even if OPEC increases its oil production the increased volume will go to national reserves of oil-consuming countries rather than refineries.

German Economy Minister Michael Glos, who also attended the meeting, said that high oil prices on the international market have already influenced economic development and the 70-dollar-per-barrel price is the upper limit consuming countries could bear.

According to an OPEC report released on Thursday, the average price per barrel of a basket of 11 crude types was 67.78 dollars on Wednesday, 0.45 dollars lower than the previous trading day, and OPEC's monthly report in June maintained that predicted international oil demand in 2007 stood at the same level as estimated in May.

The one-day meeting between the EU and OPEC kicked off on Thursday, aiming at strengthening energy cooperation between the two sides.

Source: Xinhua