In London, Brent North Sea crude for delivery in January dropped 84 cents to settle at 77.52 dollars a barrel.
It was the third straight losing session for the New York futures contract.
Libyan Oil Minister Shukri Ghanem said there are no objections among OPEC members to a production rollover in Angola.
"I don't think there are objections" to maintaining output quotas, he told reporters, and added that Tripoli had delayed plans to raise its oil output capacity until 2017.
"Our plan was to reach three million barrels per day by 2012, but (delayed it to 2017) because of the market conditions, as well as budget constraints," Ghanem said.
Libya's production capacity was now almost two million bpd, he said.
Qatar's Energy Minister Abdullah al-Attiyah also said OPEC will roll over current production levels but will monitor the market next year.
"I believe the decision will be to maintain the current production levels and then wait until 2010" to assess the situation, Attiyah said.
Arab ministers said the oil price was satisfactory though Algerian Oil Minister Chakib Khelil said it is "a bit low."
The ministers differed in their assessments of production compliance among OPEC members, however.
Saudi Arabia and Qatar said compliance was good while Kuwait and Libya demanded that OPEC members stop over-producing.
The Kuwaiti oil minister said compliance had dropped to 60 percent.
"There is no compliance. It has dropped to 60 percent and we want it to be at least between 65 percent to 70 percent," said Sheikh Ahmad.
A lack of compliance in quotas had led to oversupply, the ministers of Kuwait, Libya and Algeria said.
But Naimi said he was not worried about high levels of inventories because they are "coming down."
According to the International Energy Agency, current production of OPEC minus Iraq stands at 26.48 million bpd, about 1.64 million bpd higher than the official quota.
---Agencies
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