Saudi Oil Minister said there is no need to increase oil production at a meeting tomorrow of the Organization of Petroleum Exporting Countries

Saudi Oil Minister Ali al-Naimi, said there is no need to increase oil production at a meeting tomorrow of the Organization of Petroleum Exporting Countries.

OPEC, which supplies about 40 percent of the world's oil, has not changed the fees since late 2008, when he announced the largest reduction in the history of production as global demand fell.

Crude oil rose 3.3 percent last month in the New York Mercantile Exchange topped $ 90 a barrel on Dec. 7 for the first time in over two years.

"You really worry too much about the prices," said al-Naimi told reporters on arrival in Quito, Ecuador, for the producer group meeting. "They go up, down. What is new?"

Oil may reach $ 100 a barrel next year as demand from Europe and the U.S. collects, Goldman Sachs Group Inc., the analyst Jeffrey Currie said last month.

"Demand is up, the offer is," said al-Naimi, whose country is OPEC's largest producer. Asked if the $ 100 per barrel of oil would be acceptable to producers and consumers, he said, "What else you got?"

Angolan Oil Minister Jose Maria Botelho de Vasconcelos, said there is no reason for OPEC to change output.

"The situation is stable right now, and oil at $ 90 a barrel compensates for the weakness of the dollar, he said.

Crude oil for January delivery fell 58 cents to $ 87.79 a barrel today in New York, the lowest close since Dec. 1. Futures fell 1.6 percent this week and up 24 percent from a year ago.

The 12 OPEC members are Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, UAE and Venezuela. Iraq is exempt from the quota system.