The Organization of the Petroleum Exporting Countries (OPEC) chief ruled out any production cut on Monday, the Kuwait News Agency (KNA) reported.

Sheikh Ahmad Al-Fahad Al-Sabah, also the Kuwaiti energy minister, was quoted as saying that the world oil prices have been stabilized at levels that are satisfactory to both producers and consumers, so there's no reason for OPEC to cut its production.

As for possible changes in OPEC's production policy, the 11- member cartel chief said the organization will look into the matter at its next meeting in December.

OPEC has been watching oil prices in international markets, the chief said.

According to the Kuwait Petroleum Corporation (KPC), the latest price of Kuwaiti crude was 47.53 US dollars per barrel, down from the all-time record high of 57.91 dollars per barrel recorded on Aug. 31.

Source: Xinhua