KUWAIT CITY (AFP) - Kuwait's Oil Minister Mohammad al-Olaim said on Tuesday that the Organisation of Petroleum Exporting Countries was prepared to pump more oil if the market required. "OPEC is prepared to increase supplies only if the market needs it," Olaim said in statements reported by the official KUNA news agency. Olaim, who was appointed last week, said high oil prices were not related to fundamentals of supply and demand. Kuwait is OPEC's fourth largest oil producer, pumping around 2.5 million barrels per day. OPEC produces 40 percent of the world's oil. Its current output stands at about 32m barrels per day. Oil prices eased in Asian trade to around $127.60 a barrel on market concerns over global energy demand, after last week racing to a record high above 135 dollars.