Saudi Arabia's oil minister, Ali al-Naimi, has said on Monday that he expects oil demand to rise in the second half of this year, while oil supply declines.

It indicates that Saudi Arabia will propose not to change oil production at OPEC's meeting on Friday.

Ali al-Naimi noted that the oil markets need time to rebalance.

He also said that he was not concerned by prospects of an increase in Iraqi or Iranian supplies later in the year.