By Daniel Hunter
Saudi Arabia has suggested that it will not cut oil production in an attempt to boost prices, ahead of an Opec meeting tomorrow (Thursday).
Saudi Arabia is the largest oil producer of the 12 Organization of the Petroleum Exporting Countries (Opec).
Oil prices have fallen by around 30% since June, with Brent crude oil falling below the $80 mark. And Opec members are split over how to push prices up.
Earlier this week, Russia, which is not an Opec member, said it would cut production by as much as 300,000 barrels per day in an attempt to raise prices.
Opec members Venezuela and Iraq have also joined calls to cut production.
But the UAE appears to be on the side of the Saudi government, with Oil Minister Suhail bin Mohammed al-Mazroui saying "the market will fix itself ultimately".
"We are not going to panic, this is not the first time, this is not a crisis that requires us to panic ... we have seen [prices] way lower. We are not interested in the short fixes because we know they will not last," Mr al-Mazroui told Reuters.
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