"The prices are determined by the market and currently the supply is enough," Mohammed Al-Sada told reporters on the sidelines of the World Petroleum Congress.
OPEC Secretary-General Abdullah Al-Badri, speaking a week before the producer group meets to discuss output against the backdrop of a debt crisis in the euro zone, said at the same event: "The market is very well supplied."
Oil prices rose on Friday and posted weekly gains, boosted by heightened geopolitical tensions and strong gasoline futures, while a stronger dollar and concern about the euro zone debt crisis limited gains.
US gasoline futures posted the strongest percentage gain in the oil complex, more than 2 percent, from news a Northeast USrefinery was shutting earlier than planned.
Both Brent and UScrude saw choppy and low-volume trading.
