Algerian Energy Minister Chakib Khelil, the current president of the Organization of Petroleum Exporting Countries (OPEC), said Monday that OPEC would not increase oil production until September at the earliest. Saudi Arabia has promised the United States that it will export an additional 300,000 barrels of oil per day, but other than that production will remain as it is until the next OPEC meeting, Khelil said.

Oil prices have hit record highs in recent weeks, contributing to a global rise in food prices and other goods. Light crude was being sold for $126.35 a barrel on Monday afternoon.