Saudi Oil Minister Ali al-Naimi said today that suggestions of an increase in Opec's oil output was premature.
But members will discuss the issue when Opec heads of state meet in Saudi Arabia next weekend.
"Gulf states are trying as much as they can to secure supplies and are trying to achieve market stability but prices are set by the market," Mr Naimi said.
Opec, which produces more than a third of the world's oil, agreed in September to raise production by 500,000 barrels per day (bpd) from November 1st.
But a Reuters survey showed the raised production in October in advance of the formal deal to boost supply.
Opec oil ministers have repeatedly said that high prices are the result of geopolitics and a lack of refining capacity rather than low supplies.
Kuwait's acting oil minister Mohammad al-Olaim said after meeting Mr Naimi that Opec may consider increasing output if the market requires.
Oil prices are at a record high and last week looked set to break the milestone of $100 a barrel.
