‘It is premature (to speak of a hike in output). When OPEC meets, we will discuss this issue,’ Ali Al Nuaimi, oil minister of OPEC kingpin Saudi Arabia, told reporters during a short visit to Kuwait.

He did not specify which meeting of the cartel he was referring to. OPEC is holding a summit in Riyadh on November 17-18 and ministers are also due to meet in Abu Dhabi on December 5.

Kuwait’s acting oil minister Mohammad Al Olaim said OPEC will ‘not hesitate to shoulder its responsibilities.’

Asked if this meant it would raise production, he said: ‘If there is a need to raise production in accordance with market parameters.’

World oil prices drifted higher on Friday, with New York’s main contract, light sweet crude for December delivery, closing at 96.32 dollars a barrel, while in London, Brent North Sea crude for December delivery gained 39 cents to 93.18 dollars.