OPEC: Demand for more oil does not exist

Oil producers cannot pump more without demand for extra supply, and at the moment that demand does not exist, OPEC President Chakib Khelil said on Monday.

"We cannot raise output -- whether it's OPEC producers or others -- unless there really is a demand on the world market," said Khelil, who is also Algeria's energy minister.

On prices, Khelil said: "It's impossible to predict. Anything could happen. All I can say is that prices will be high, and will remain high until the end of the year."

In answer to a question, he said he did not think oil would rapidly breach the $200 a barrel mark, adding prices would continue to perform their habitual "yo-yo" in relation to factors like geopolitical tensions and the dollar.

Read more: Reuters