Algiers: Opec President Chakib Khelil said the oil-producer group won’t raise output at a summit with consuming nations in Saudi Arabia later this month.

“Supply is more than enough, there won’t be a change,” Khelil said in an interview in Algiers on Thursday. OPEC won’t consider any change to its output target before its next scheduled meeting in September, he said.

Record oil prices can be pinned on Israel’s threat to attack Iran if the Islamic Republic continues its nuclear- development programme, as well as the dollar’s weakness, according to Khelil, who is also Algeria’s oil minister.

Saudi Arabia earlier this week called a summit in Jeddah on June 22 to address soaring prices.