The Organization of the Petroleum Exporting Countries' production should remain at 30 million barrels a day, the Emirati representative with the group said Monday, squashing speculation the organization will cut its production.

Oil prices rebounded last week after falling to their lowest level in nine months after traders speculated OPEC would reduce its output to defend revenue.

But speaking to reporters Monday on the sidelines of an Abu Dhabi energy event, Ali Obaid al-Yabhouni, the United Arab Emirates ' governor with the producers' group, said, "So far for the whole year, the call on OPEC will be 30 million barrels a day, so this is sufficient."

OPEC is now producing around 30 million barrels a day, which is also the group's output ceiling. The group is set to debate oil policies when it meets in Vienna on May 31.

Venezuela recently called for an emergency meeting earlier than the scheduled date after prices last week fell below $100 a barrel--a level seen as acceptable for many OPEC members. But prices have now rebounded above $100 a barrel.

Mr. al-Yabhouni said he didn't expect any extraordinary meeting because the scheduled one is so close.

"I believe we are expecting an ordinary meeting, one month apart, so there is no call yet for an extraordinary meeting," he said.

The official also said he didn't expect the recent weakness in prices to last. "I believe this [lower oil prices] is temporary so let's wait and see how prices will behave," he said.

Separately, the UAE's energy minister, Suhail Al Mazrouei, told reporters that global oil markets are well balanced "and there is no oversupply on the market."

Mr. Mazrouei was appointed oil minister last month in a cabinet reshuffle aimed at accelerating the pace of economic development in the Gulf state.
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