The monthly oil market report from the oil cartel also showed members keeping a lid on output, a policy Opec officials say may extend beyond their next meeting on September 11.
"Heading into the driving season, crude oil stocks are more than adequate to meet expected demand. However, gasoline stocks are low for this time of year," Opec’s report said.
"As always, Opec continues to monitor market developments ahead of its planned meeting in September, which will focus on the coming winter season."
The outlook from Opec follows a call on Friday from the International Energy Agency for the group to boost output before summer, when gasoline demand rises as US motorists take to the road for holidays.
Oil prices have risen to above $66 a barrel from about $50 in January, worrying consumers, in part due to lower Opec supply, violence in Nigeria and a drop in inventories of gasoline in the US.
The International Energy Agency (IEA), adviser to 26 industrialised nations, said gasoline supplies in top consumer the US have sunk to a 16-year low for the time of year, pushing pump prices above $3 a gallon to near-record levels.
Its head warned today of a supply crunch without more crude oil from Opec, whose 12 member-countries meet more than a third of demand in the 85,4-million barrels per day world market. "We do not see a balanced market if there is no production increase from the Opec probably before the summer," IEA executive director Claude Mandil said in Paris.
The report by economists at Opec’s Vienna headquarters said rising gasoline imports by the US would ease concern about fuel supplies.
Opec’s top research official said the return of oil refineries from maintenance would also help boost fuel stocks and cast doubt on whether Opec would need to pump more crude.
"It’s too early to tell, but as far as I can tell I don’t think there is a need to change anything in September," Hasan Qabazard, head of Opec’s research division, said.
"We maintain our position there is plenty of crude in the market. Gasoline stocks are expected to recover as refinery turnarounds come to conclusion."
Opec in its report left expected global growth in oil demand this year steady at 1,3-million barrels per day or 1,5%.
It put 2007 demand for Opec crude at 30,33-million barrels per day, up from 30,28-million barrels per day previously expected, reflecting lower-than-expected supply from non-member countries.
Oil ministers from Opec opted to maintain supplies at a meeting in March. At their two previous meetings, they agreed to curb output by 1,7-million barrels per day, roughly 6%.
Industry estimates show that Opec has delivered on about 1-million barrels per day of the pledged cutback. Today’s report showed little change in supplies.
The 10 Opec members, all excluding Iraq and Angola, bound by production cut deals pumped 26,448-million barrels per day in April, up 31,000 barrels per day from March, the report said, citing data from secondary sources.
