OPEC won't discuss output levels at meeting in Riyadh, Saudi oil minister reports

Saudi Arabia's Oil Minister Ali al-Naimi on Tuesday said the Organization of Petroleum Exporting Countries will not discuss output levels at the group's upcoming summit in Riyadh but left open the possibility that production could be discussed at a meeting next month.

Photo: OPEC won't discuss output levels at meeting in Riyadh, Saudi oil minister reports

"There is absolutely not going to be talk of a supply increase during the summit," said al-Naimi, according to Dow Jones Newswires.

"We will discuss it in December" in Abu Dhabi, United Arab Emirates, he said, adding that the group "might increase" production.

Leaders from many of the world's top oil producers will meet this weekend in the Saudi Arabian capital to discuss the challenges a potential global recession and the slumping dollar present to the oil market.