Crude oil prices were little changed balancing around the $57 benchmark. The price of oil, based on a package of seven market-monitored crudes hit a record rising for the first time above 50.14 US dollars last week, according to the OPEC report.

Saudi Arabian Oil Minister Ali al-Naimi said Monday promised to tap the reserve output capacity of 1.50 million bpd in order to cool prices. The Saudis do not believe there indeed is a supply shortage in the market, but are eager to ward off a surge in oil prices that can take its toll on the world’s economy, especially with regard to developing nations.

OPEC’s president Sheikh Ahmad Fahd al-Sabah is conducting negotiations with the cartel’s members about the date of a second increase, reported Saudi Arabia’s oil minister Ali al-Naimi.

Saudi oil minister’s pledges have not soothed the markets as at the moment the real oil daily output of the OPEC countries is believed to have exceeded 29.50 million barrels, so the projected increase in official quota could be of little use.

``If they pump the volumes they’re talking about I don’t think it will change inventories very much at all,’’ said Mark Waggoner, president of Excel Futures Inc. in Huntington beach, California. ``It will barely keep up with demand.’’

Global oil consumption is expected to rise by 1.81 million barrels, or 2.2 percent, to 84.3 million barrels, according to the IEA.