Qatar’s oil minister said OPEC and individual producer countries were closely watching oil prices following their latest decline on Tuesday, but he added the market would settle eventually.
Asked if OPEC stood by its decision to keep its output target of 30 million barrels per day (bpd) despite the fall of Brent crude futures to $59 a barrel, the minister, Mohammed al-Sada, said the producer group was watching the market closely.
The development of oil prices was being studied by individual countries, he said.
The Organization of the Petroleum Exporting Countries declined to cut production at a Nov. 27 meeting and major Gulf OPEC members have since shown no sign of reversing course.
“We need to watch market closely, but it will settle eventually,” Sada said.
“OPEC is watching the market closely and the development of oil prices is being studied by individual countries and the OPEC secretariat,” he added.
Oil fell to close to $59 a barrel for the first time since May 2009 on Tuesday, extending a six-month selloff as slowing Chinese factory activity and weakening emerging-market currencies added to concerns about demand.