Opec does not need to cut output next year, according to the latest oil supply and demand estimates, the oil minister of top exporter Saudi Arabia told Reuters on Tuesday.

Demand for Saudi crude was increasing and this was evidence the economy was recovering from recession, Ali al-Naimi said in an interview.

'No, based on the current (demand and supply estimates), there is no need of course, right now,' Naimi said ahead of the inauguration of the King Abdullah University of Science and Technology (Kaust) in Jeddah.

'But you never know, this is a moving target, it is a very active market. The world economy seems to be recovering. I hope it recover fast as it will impact demand. If demand rises, of course supply has to match it... Demand for our oil is rising, and so we are - at least I am - convinced that economic growth is started and will continue.'-Reuters