President of the Organization of the Petroleum Exporting Countries (OPEC) Sheikh Ahmad al-Fahd al- Sabah said the global oil market is oversupplied, the Kuwait Times reported Tuesday.
"We believe there is 2 million bpd of overproduction in the market," said the president, also Kuwaiti oil minister.
Asked if OPEC might increase output at its June 15 meeting, the president said any increase must take prices and growth in demand into consideration.
"The OPEC real production now in the market based on our latest information is 29.7 million barrels per day (bpd)," the president said.
He predicted the demand in the third quarter of the year will be 28.5 million bpd.