OPEC, the supplier of 40 percent of the world's oil, will probably keep producing at a near record pace as $107-a-barrel crude squeezes the global economy. In Abu Dhabi, the head of the United Arab Emirates delegation to Tuesday's OPEC meeting said OPEC policy of keeping the world oil market “well supplied” has not and will not change. Minister of Energy Mohammed Bin Dhaen Al-Hamli was quoted by the state news agency as saying that crude oil stockpiles in heavily consuming countries are within recent average levels, indicating the market is “well-supplied.” Al-Hamli added in Monday's remarks that decisions on production levels are based on whether the market is well supplied and the recent fall in prices shows that the earlier rise was “too high, too fast.” In Kuwait City, Kuwait's Oil Minister Mohammad Al-Olaim said on Monday as he left for an OPEC meeting that he saw no need to cut the OPEC's oil production. “We don't think there is a requirement for a decrease in production,” he said ahead of Tuesday's meeting in Vienna, adding OPEC should closely monitor developments in the oil market, especially regarding supply and demand. “We do think that we have to pay attention to the mechanism of the market, supply and demand, and inventories and their impact on future demand. We have to talk on the supply-demand mechanism, what's available in the market now and the future forecast,” he said. “All these (factors) will decide what we will do and if we have to do anything or not,” he said, adding: “We are not the ones who decide the prices. We are looking for the stability of the market and availablity of products.” Kuwait is the fourth largest oil producer in OPEC and pumps about 2.58 million barrels a day (bpd). Its production capacity is around 2.7 million bpd. Oil prices rallied on expectations that OPEC would begin cutting crude output. New York's main contract, light sweet crude for delivery in October, rose 65 cents to $106.88 a barrel in while Brent North Sea crude for October climbed __
