Oil producers group Opec will not consider an emergency meeting to cut its production quota, even if crude prices fell as low as $40 a barrel, according to the energy minister of the UAE.
On 27 November, the 12-member organisation decided to maintain its production quota as 30 million barrels a day (b/d), putting further pressure on crude prices.
We are not going to change our minds because prices went to $60 or $40, Bloomberg quoted UAE Energy Minister Suhail al-Mazrouei as saying in Dubai on 14 December. We are not targeting a price, the market will stabilise itself.
He added that Opec would need to wait for at least a quarter to consider an urgent session.
Opec secretary-general Abdullah al-Badri said this week that the group has no target price for crude and urged Gulf producers to continue to invest in exploration and production.
Brent crude for January delivery was at around $62 a barrel in early trading on 15 December, having fallen over 45 per cent since peak June prices.
Opec member Venezuela is thought to support an emergency meeting to stem the collapse in crude prices, but Caracas has yet to officially request a meeting since 27 November.
Algerias Oil Minister Youcef Yousfi has said the group could hold an emergency meeting before the next scheduled summit in June.