VIENNA: OPEC Secretary General Abdallah El-Badri told reporters on Tuesday he expected the group to lower its oil output target when it meets next in late November.
Badri was asked if OPEC's 30 million barrels per day output target would still be appropriate next year.
"No, I don't think so," he said. "I think our production will be maybe 29.5 in 2015, not 30 million barrels per day."
Badri said OPEC output often fluctuated slightly around its output target, but was pressed on whether he was referring to a possible change in the output target.
"I think our target will be lower, maybe by 500,000," Badri said.
He told reporters he expected that oil prices will climb back from recent losses.
"Everybody knows that the price is declining now for the last two months, I don't think this trend will continue. We are predicting that (the) price will come up by the end of the year," Badri said.
"I have seen a lot of oil prices coming up or down and I think this is fluctuation of seasonal behaviour," he added.
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