The Saudi Oil Minister dismisses reports that Persian Gulf littoral states are considering an output rise of up to 750,000 barrels per day.

At an energy conference in Singapore, Ali al-Naimi expressed concern about the recent rise in oil prices, but said there was no specific output proposal to be discussed at next week's ministerial summit of the Organization of the Petroleum Exporting Countries (OPEC) in Abu Dhabi, Reuters reported.

"We observe with great concern the recent rise in oil prices. But we believe that the world market is well supplied and petroleum inventories are comfortable," he said.

Al-Naimi rejected that OPEC controls oil prices and said the $100 crude was unwarranted on the basis of supply and demand.

"We have no control over prices, they are determined by the market," he said.

OPEC has added 500,000 barrels per day to its oil production since November 1, but it is still under pressure to increase its output at Abu Dhabi's summit.

Meanwhile, US oil was up 1 cent at $94.43 a barrel early Wednesday, after tumbling $3.28 on Tuesday and London Brent crude gained 41 cents to $92.93.

AKM/RE