VIENNA — Saudi Arabia's oil minister said today that crude markets were "in good shape," boosting expectations OPEC will use its meeting this week to stress compliance with output quotas instead of cutting production.

The comments by Saudi Arabia's Ali Naimi, echoed by Kuwaiti Oil Minister Sheik Ahmed Al Abdullah Al Sabah, were the latest indications that the Organization of the Petroleum Exporting Countries is comfortable with the rebound in crude prices that came about after members announced in December a record 4.2 million barrel per day output cut from September 2008 levels.

Since that meeting, prices have roughly doubled, and are holding between $68 and $71. Analysts have said they expect the group to hold fast at its current production level, which is just under 25 million barrels per day.

"Everything is in good shape," said Naimi, whose country is OPEC's top producer and widely seen as the group's kingpin.

Saudi Arabia has said a price of about $75 per barrel was fair for the market — a level that would encourage further investment in boosting global supplies while at the same time not straining a world economy struggling to come out from the worst global recession in decades.

Kuwait's Al Sabah echoed the same sentiment.

In an interview with Kuwait's official KUNA news agency, Al Sabah said he was "comfortable" with current prices, describing them as "acceptable" for both producers and consumers.

The producer bloc that accounts for roughly 35 percent of the world's oil supply has left output unchanged so far this year as prices have continued to climb.

October crude oil futures were up slightly over $69 per barrel in Asia today, supported by regional stock markets.

While prices have bounced back from earlier lows in the low-$30s, global crude inventories are still far higher than the 52 to 54 days of forward cover in the OECD nations that the group would like to see.

OPEC members have, nevertheless, resisted further cuts.