Opec may need to raise its oil output target when it sets production policy on Thursday for the second half of the year, Saudi Oil Minister Ali Al-Naimi said in an interview published on Monday.

"Our analysis suggests that we will need a higher ceiling than currently exists," Naimi said in the interview with the new publication, Gulf Oil Review.

Opec is producing about 1.8 million barrels daily in excess of its formal output target of 30 million bpd set in December. - Reuters