Opec will not change its production target when its ministers meet later this month as oil prices are at the desired levels, Saudi Arabian Oil Minister Ali Al-Naimi said in remarks published on Sunday.

With oil around $75 a barrel, several fellow Opec oil ministers said there was no need for the Organization of the Petroleum Exporting Countries to change its output targets when it met in Angola on December 22.

'Nothing will happen, no change in production as oil prices are at the desired positions and markets are calm,' Saudi-owned al-Hayat newspaper quoted Naimi as saying on the sidelines of an Arab oil exporters' conference in Cairo.

Naimi on Saturday described the current oil price as stable and 'perfect' for consuming and producing nations.

Opec has held its formal output targets steady all year following a decision announced last December to cut supplies by a record 4.2 million barrels per day compared with September 2008. Oil prices are still far below the July 2008 peak of nearly $150 a barrel.-Reuters