Saudi Oil Minister Ali al-Naimi said Friday there is no need for members of the Organization of Petroleum Exporting Countries to raise output when they meet this month in Angola.
"Why should they [OPEC] raise output? We still have time, it depends," Naimi told reporters.
"Right now we see that the price is OK. It is between $75 and $80...close to the target we have set. It is almost $75. it's good."
Naimi said oil inventories are coming down, but declined to give further details.
OPEC late last year agreed an output target of 24.845 million barrels a day after a series of production cuts amounting to 4.2 million barrels but compliance slipped in recent months amid high oil prices and a weaker dollar.
The group will meet in the Angolan capital Luanda on Dec. 22 to decide on its production policy.
Naimi is in Cairo for a meeting of the Organization of Arab Petroleum Exporting Countries, or OAPEC, scheduled Saturday.
OAPEC member countries are Egypt, Libya, Algeria, Bahrain, Iraq, Kuwait, Qatar, Saudi Arabia, Syria, Tunisia and the United Arab Emirates.