The former energy minister of Qatar said Tuesday that OPEC will likely not trim its production targets unless other producers agree to similar output cuts.
Former Qatar energy ministry Abdullah bin Hamad al-Attiyah said at the Doha Energy Forum that OPEC is unlikely to revise production targets without cuts from non-OPEC members.
OPEC declined to institute any production cuts at its most recent meeting in November despite a nearly 50 percent drop in oil prices.
“I don’t advise OPEC to have an extraordinary meeting without having a concrete decision” to alter its output policy, al-Attiyah added.
Last month OPEC president Diezani Alison-Madueke told the Financial Times that an extraordinary meeting could be called if prices keep sliding.
Saudi Arabia officials said last week that they have not been informed of any plans to revise OPEC’s output targets before its next scheduled meeting in June.
Last month U.S. crude production hit a record high 9.29 million barrels per day.
U.S. commercial crude oil inventories, excluding the Strategic Petroleum Reserve, rose by 10.3 million barrels last week to an 80 year high of 444.4 million barrels.