Global crude supply is "good" despite ongoing production problems in Nigeria that have cut output by a third because of ongoing violence, Algerian oil minister Chakib Khelil said Monday.

Asked if the Nigeria production problems would affect OPEC's decision to maintain production cuts ahead of the U.S. driving season, Khelil said, Nigerian production "has been down for a while now, and it hasn't affected supply."

"So we still have good supply and are meeting demand," the minister said, speaking on the sidelines of an Algerian-U.S. conference here.

Unrest over the past few weeks has shuttered about 220,000 barrels a day of Nigerian oil output. About a third of Nigeria's pumping capacity of about 2.5 million barrels a day has been shut down by violence.

The International Energy Agency predicted in its monthly report late last week a tightening product market in June and questioned the ability of refiners and the willingness of the Organization of Petroleum Exporting Countries to meet a 1.6 million barrels a day jump in oil product demand in June.

Although OPEC officials, the IEA and U.S. Department of Energy officials say much of the product tightness is caused by low refinery utilization rates on planned and unplanned maintenance, the IEA has also warned OPEC's cuts are contributing to falling global crude stocks.

The IEA said OPEC's next move will need to be a decision to increase supply given that OPEC restraints have caused an unusually large decline in first-quarter oil stockpiles.