Tightness in supplies of refined fuel like gasoline and international political tensions are helping propel oil's rally, Naimi told a news conference.
"The price today is not at all connected with the fundamentals of the oil industry. There is a good balance between supply and demand. Inventories are in a comfortable position, therefore fundamentals do not support high prices today," the oil minister of top exporter Saudi Arabia said.
Oil has been on an upward march since January when it sank to about $50 a barrel. Concerns over shortages of gasoline in top consumer the United States and two rounds of OPEC supply curbs have helped push prices higher.
"What is impacting the prices are political problems in the world and also the situation of refineries," said the influential Saudi oil minister.
"There are problems not in the supply (of crude) but probably more of a problem of supply of products from refineries," he added.
"Firstly because of the shutdowns that are occurring in different parts of the world and also because of insufficient refining capacity in the world."
Major consumer governments represented by the International Energy Agency have urged the Organization of the Petroleum Exporting Countries to boost production to cool prices.
But OPEC ministers have refused.
Naimi said the kingdom stood ready to raise production, but the demand was not there to justify such a move.
"Saudi Arabia definitely has the spare capacity to do so, but you can't put oil on the market without a buyer," he said.
"Nobody today is looking for additional crude because all you have to do is look at the level of inventories which are in a very, very comfortable position."
U.S. crude stocks are at a 9-year high.
In Doha, Qatari energy minister Abdullah al-Attiyah had earlier sounded the same message as his Saudi counterpart.
"The world is facing a shortage of gasoline and diesel, but not crude oil," said Attiyah.
"If the market needs more oil, OPEC will do its utmost but it needs to be convinced that there is a shortage."
The Saudi oil minister said Riyadh was pumping about 8.6 million barrels per day (bpd), a level it has stuck to since February - the start of OPEC's second round of supply curbs.
OPEC, which pumps more than a third of the world's oil, next meets in September to chart output policy. Some officials have suggested the exporters may have no reason to change tack then.
For now, some analysts agree with OPEC that slow refinery operations, especially in the United States, and a rush of speculative fund flows are driving prices higher.
London Brent crude hit an 11-month high at $76.63 a barrel on Tuesday, not far from a record $78.65 last August.
"You know how much speculative money there is in then market? Plenty," Naimi said.