Sept. 9 (Bloomberg) -- The Organization of Petroleum Exporting Countries, supplier of more than 40 percent of the world's oil, shouldn't increase its production target, Libya's representative to the producer group said.

Ministers from Kuwait and Iran, commenting to state-run news agencies this weekend, also said they support keeping quotas steady. Saudi Arabia's oil minister didn't comment in Vienna.

``No, I don't think there should be an output increase,'' Shokri Ghanem, chairman of Libya's state-run National Oil Corp., told reporters when he arrived in Vienna today. ``I don't think the market needs that for the time being.''

OPEC will meet on Sept. 11 at its Vienna headquarters to determine production targets for the fourth quarter, when heating fuel sales peak. Six of OPEC's 12 member-nations have said OPEC shouldn't alter its quotas this week. They include Venezuela, Algeria and Qatar.

``There is no pressing need to increase OPEC production as the recent rise in prices was caused by international geopolitical developments and a shortage of refining capacity, especially in the United States,'' Kuwaiti Acting Oil Minister Mohammed Abdullah al- Aleem said in Kuwait today, according to the state-run Kuwait News Agency.

Iran's acting oil minister, Gholamhossein Nozari, said global markets have ``enough oil,'' the country's oil ministry news service, known as Shana, reported yesterday.

``Supplies to the oil market are now sufficient,'' OPEC President Mohamed al-Hamli, who is also the United Arab Emirates oil minister, said, according to the state news agency WAM. ``OPEC is committed to supplying enough crude to the market.'' He declined to comment to reporters when he arrived in Vienna today.

Libya's Ghanem, asked whether he thought OPEC should instead increase production later this year at a scheduled Dec. 5 meeting, said, ``we are ready if the market needs it.''

OPEC is monitoring the economy, inventories and the U.S. dollar's exchange rate as it decides on production levels, Ghanem said. Libya expects oil prices to stabilize and is not concerned about the possibility of an economic recession, he said. The recent drop in inventories is not ``dramatic,'' he said.

Saudi Arabian Oil Minister Ali al-Naimi arrived in Vienna yesterday and declined to comment to reporters.

To contact the reporter on this story: Maher Chmaytelli in Vienna through the London newsroom mchmaytelli@bloomberg.net

Last Updated: September 9, 2007 14:37 EDT