Oil prices could reach $80-$90 a barrel by early next year, but OPEC will not increase its output until a huge amount of over-supply has been absorbed, the group’s Secretary General Abdullah al-Badri told the Reuters Global Energy Summit.

‘I don’t think the price will go down… By the end of the year we’ll see $75. $80-$85 is possible — not with the demand we see at this time, but if demand picks up month after month, then maybe we’ll see this price,’ he added.

In the event demand recovers more quickly than anticipated and any price rally runs out of control, Badri said the Organization of the Petroleum Exporting Countries had around seven-to-eight million bpd of unused production, which could be used to calm the market.

U.S. front-month crude prices rose 0.09 percent to $68.64 per barrel.