Vienna, Sept 10 (ZEENEWS.COM) Saudi Arabian Oil Minister Ali al-Nuaimi on Saturday said that the oil market was well-supplied and that a sharp fall in crude prices this week was of no concern to oil-producing OPEC countries.

His comments as he arrived for an OPEC meeting here suggested the 11-country OPEC cartel, which meets officially on Monday, would keep its output quota stable at 28.0 million barrels per day.

"The demand is very well satisfied. You see the inventories rising. The market is very comfortable and well-supplied. We are very happy with the situation," he said.

Asked whether he was concerned by a fall in oil prices to five-month lows this week, he replied: "I have said that the market is stabilising. People are very satisfied with the supply and I think they are very confortable, so why should we be concerned?"

In New York, the price of a barrel of light sweet crude fell to 66 dollars yesterday.