ABU DHABI, Dec. 3 (Xinhua) -- Ali Al Naimi, oil minister of the world's largest oil producer Saudi Arabia, said here Monday that his country is not planning an increase in its oil production capacity, Emirates News Agency reported.
"Saudi Arabia adheres to about nine mbd (million barrels per day)," said Naimi, who arrived in Abu Dhabi Monday to attend Wednesday's 146th Meeting of the Ministerial Conference of the Organization of Petroleum Exporting Countries (OPEC).
"The market is well supplied and we have to look into the information in order to take the next step," he added.
Naimi also reiterated that OPEC has nothing to do with oil prices.
In a speech at an energy conference held in Singapore on Nov. 28, Naimi said there was a disconnect between the fundamentals and the rising price.
He attributed high oil prices to the weakening U.S. dollar, speculation and geopolitics.
OPEC is under increasing pressure from consumer countries to raise production to lower prices.
The Vienna-based cartel said Monday that the weekly average OPEC oil prices dropped to 88.78 dollars per barrel last week after soaring above 90 dollars per barrel in the previous week.
The upcoming meeting in Abu Dhabi is expected to reach a final decision on OPEC's 12 members' production.
"Saudi Arabia adheres to about nine mbd (million barrels per day)," said Naimi, who arrived in Abu Dhabi Monday to attend Wednesday's 146th Meeting of the Ministerial Conference of the Organization of Petroleum Exporting Countries (OPEC).
"The market is well supplied and we have to look into the information in order to take the next step," he added.
Naimi also reiterated that OPEC has nothing to do with oil prices.
In a speech at an energy conference held in Singapore on Nov. 28, Naimi said there was a disconnect between the fundamentals and the rising price.
He attributed high oil prices to the weakening U.S. dollar, speculation and geopolitics.
OPEC is under increasing pressure from consumer countries to raise production to lower prices.
The Vienna-based cartel said Monday that the weekly average OPEC oil prices dropped to 88.78 dollars per barrel last week after soaring above 90 dollars per barrel in the previous week.
The upcoming meeting in Abu Dhabi is expected to reach a final decision on OPEC's 12 members' production.
