Sheik Ahmed Fahd Al Ahmed Al Sabah, who is also Kuwait's oil minister, said the group's current output and spare production capacity will keep the market well supplied through the year.
OPEC and its partners could officially keep the deal in place while making vague promises to meet global oil demand, a move that could see those cartel members with spare production capacity gradually increase output.
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As OPEC trims its output in the face of falling demand, it automatically raises the amount of spare production capacity.
Riyadh claims to have two million barrels a day of spare production capacity, but analysts say the kingdom can realistically add only about one million barrels to its daily output without additional drilling.
Business surveys point to annualised growth of at least 2% in the fourth quarter—slow by American standards, but not bad for an ageing continent.It is also enough to eat into spare capacity, since output is growing faster than potential supply.
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Saudi Arabia, which has most of the world's spare oil production capacity, would be responsible for much of any increase in output, and Mr. Naimi has signaled that it is prepared to increase production.
