LAGOS, Nov 30 (Reuters) - OPEC oil exporters could decide to raise output at next week's meeting in the United Arab Emirates and have some spare production capacity to do so, Nigeria's oil minister said on Friday.

However, recent volatility in the oil market demonstrates that prices are being driven by factors other than oil supply and therefore OPEC has been right to adopt a "wait-and-see" approach to market moves, Odein Ajumogobia told Reuters in an interview. (Reporting by Tom Ashby)