Brent prices fell below $88 per barrel in Monday, the lowest in four years after major oil producers from the Middle East said they are not willing to decrease output despite lower prices.
Kuwaits oil minister said the Organization of Petroleum Exporting Countries (OPEC) was unlikely to reduce output to support low prices.
And according to Reuters, Saudi Arabia has privately told market participants it can accept prices between $80 and $90 per barrel.
Brent prices hit its lowest since December 2010 at $87.74 in early Monday trading, but recovered slightly afterwards.
Some OPEC members are urging for immediate production cuts to bring back global oil prices to $100 a barrel levels.
Saudi Arabia’s decision to keep its high production could mean that the world’s largest oil producer is not seeking to defend prices, but market share.
Amid the lack of cuts by major oil producers, the focus now turns to the next meeting of OPEC in November 27, which will show if the group will adjust their output target of 30 million barrels per day for the start of 2015. A decision regarding oil output will markedly be reflected on oil prices.