By Jonathan Davies

Saudi Arabia's oil minister, Ali al-Naimi has said that Opec will not cut oil production, even if prices fall to $20.

In November, Opec said it would continue to set a production target of 30 million barrels per day, despite over supply being widely blamed for the falling prices.

peaking to the Middle East Economic Survey, Mr al-Naimi said: "As a policy for Opec - and I convinced Opec of this, even Mr al-Badri [Opec secretary general] is now convinced - it is not in the interest of Opec producers to cut their production, whatever the price is.

"Whether it goes down to $20, $40, $50, $60, it is irrelevant."

He even said that oil prices may never go back up to more than £100 per barrel.

Mr al-Naimi yesterday (Monday) stressed that the falling oil prices were not Opec's fault.

The price of Brent crude oil has dropped by 46% since June, now selling for around $60 a barrel.

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