Gulf OPEC producers see an oil price of about $50 a barrel as good enough given the global economic slowdown and the seasonal fall in fuel demand, a senior Gulf OPEC delegate said on Monday.

The delegate said that its too early to say that OPEC is in need to decrease its production in its meeting on next May.

OPEC is watching 20 summit which will be held this week in hope that it will adopt new procedures revive world economy and enhance demand on oil.