Saudi Arabian Energy Minister Khalid Al Falih (Photo: AFP/VNA)

However, Al Falih said, Saudi Arabia will trim its oil exports by 500,000 barrels per day next month. Major producers met on Sunday in Abu Dhabi to consider cuts to shore up sagging prices.

The price of oil dropped nearly 15 USD per barrel in one month after peaking at 85 USD in October, the highest price in the past two and a half years.