The Organisation of Oil Exporting Countries (Opec) already exceeds its production target of 24.84 million barrels a day, but expects increased demand to use up the extra.
Saudi Arabia, which is the world's second largest producer of oil and Opec's largest producer, said that it anticipated global demand to rise by one million barrels a day. Much of the demand is expected to come from Asia, with the International Monetary Fund expecting China's economy to grow by 10 per cent in 2010.
However Germanico Pinto, Opec's president, was keen to sound a note of caution following the tumult of the global economic crisis. "While there has been improvement in the oil market outlook in recent months, there is still a long way to go before we can feel at ease with the situation," he said in a speech before the Opec meeting.
"The issue of exit strategies from stimulus packages of a year ago and the right timing of adjustment is becoming a key factor in the recovery of prices," he added. Opec's next meeting is due in October.
