Opec will wait until March to gauge the impact of an output cut implemented last week before deciding on any further action, Qatar's Energy Minister Abdullah bin Hamad al-Attiyah said on today.
"It is too early to say and we have to wait for a few weeks to see how the market will stabilise," Mr Attiyah told reporters in Abu Dhabi, capital of the United Arab Emirates.
"Prices now are fluctuating and dropped dramatically in the last few months because of the very mild winter and now it [the oil price] has come back again. We will see from now until March and then we'll decide," he said.
Output was cut on February 1st to guard against steadily falling oil prices in recent months after achieving record highs last year.