Oct. 22 (Bloomberg) -- The Organization of Petroleum Exporting Countries, supplier of 40 percent of the world’s oil, may decide to increase production at its meeting in December, the group’s Secretary-General Abdalla El-Badri said. An increase will depend on prices remaining at $75 to $80 a barrel, as well as on stockpiles returning to the five-year average and the elimination of floating storage, El-Badri told reporters today in London. OPEC will meet on Dec. 22 in Luanda, Angola, to review its production quota system. Crude futures have rallied 80 percent this year, trading at around $80 a barrel today in New York, as the group implements the biggest supply reduction in its history. “We are in a very comfortable zone at this time,” El- Badri said. “If this price will continue, if we see stocks go back to the normal level, if we see there is a real economic growth, then I’m sure our member countries will increase the production.” This year’s gain in prices has enabled OPEC to resume seven postponed projects that will provide 1.2 million barrels a day of additional capacity, El-Badri said. These are among 35 projects that the organization had delayed until after 2013. The 11 OPEC members bound by production quotas agreed last December to a collective limit of 24.845 million barrels day from the start of this year, after oil prices sank 70 percent from their July 2008 peak. Angola, Nigeria and Venezuela are discussing with other members to have their individual allocations increased, El-Badri said. OPEC has invited Russia, the largest oil producer outside the group, to the December conference and may also invite former member Indonesia, El-Badri said.