Oil prices held just above $54 on Wednesday but were under pressure from signs of rising OPEC supplies and assurances by top exporter Saudi Arabia that it could quickly turn on its spare capacity if needed. U.S. light crude slipped 14 cents to $54.06 a barrel, extending Tuesday's 37-cent loss. London's Brent crude shed 4 cents to $54.10 a barrel. Adel al-Jubeir, foreign affairs adviser to Saudi Arabia's Crown Prince Abdullah, said the kingdom was willing to provide as much crude oil as buyers wanted, following a meeting between U.S. President George W. Bush and Abdullah in Texas. Abdullah later announced that Riyadh would host a meeting between producers and consumers in the fourth quarter to discuss oil and other energy issues. Saudi Arabia is expected to provide most of a 500,000-bpd increase in OPEC supplies next month to build a bigger supply cushion before demand increases towards the end of the year and to bring prices down to below the $50 a barrel mark. Jubeir said Riyadh could tap spare output capacity of 1.3 million to 1.4 million barrels per day (bpd), in addition to its current production of slightly over 9.5 million bpd. Iran said on Tuesday the global oil market might be oversupplied, while Qatar said the Organization of the Petroleum Exporting Countries was doing all it could to bring prices down. The U.S. Energy Information Administration (EIA) will release at 1430 GMT on Wednesday its weekly status report on fuel stockpiles in the world's biggest consumer and analysts were predicting a rise of 400,000 barrels in crude inventories.