Saudi sees oil market healthy, action unlikely-WSJ

Singapore, Feb 12: OPEC may have no need to cut or raise output when it meets in a month's time as the world oil market is in ''much, much better health'' than before, the Wall Street Journal quoted Saudi Arabia's oil minister as saying.

''Most probably, if the trend is like what it is like today, with the market getting in much, much better health and balance, there may not be any reason to change,'' Ali al-Naimi told the paper in an interview in Riyadh on Sunday.

Naimi, in his first direct comments on the condition of the market since prices rebounded to nearly a barrel from a 20-month low under in mid-January, also said the kingdom was producing about 8.5-8.6 million barrels per day, confirming a cut of about 1 million bpd from six months ago, the paper reported.

Reuters