Jan. 15 (Bloomberg) -- Saudi Oil Minister Ali al-Naimi said OPEC will take crude-oil stockpiles in consuming countries into account when making its next output decision and will raise production if required.

The Organization of Petroleum Exporting Countries ``will raise production when the market justifies it'', Naimi told reporters in Riyadh today.

Saudi Arabia has held back about 2 million barrels a day of oil that could be supplied to the market if needed, Naimi said.

Crude oil futures traded near $94 a barrel as analysts forecast that crude inventories rose in the U.S. for the first time in nine weeks. Oil has fallen about 6 percent from its record of $100.09 a barrel on Jan. 3 on concern the U.S. economy is heading toward recession.

U.S. President George W. Bush earlier urged OPEC to consider pumping more oil in an effort to lower near-record crude prices.

To contact the reporter on this story: Ayesha Daya in Dubai adaya1@bloomberg.net

Last Updated: January 15, 2008 07:51 EST