In an interview with the London-based daily al-Hayat, Ali al-Naimi also said the kingdom was now pumping 9.2 million barrels per day (bpd), in line with analysts' estimates it had stepped up output above its formal OPEC allocation of less than 9 million bpd in order to meet seasonally strong winter demand.
"The condition of the market is sound currently, supply and demand are equal, and global reserves are fine," Naimi said, adding that world inventories were in line with the five-year average.
He said OPEC would have taken action if there was a need, adding: "But the condition now shows that all market fundamentals are sound."
