Abu Dhabi: The Organisation of the Petroleum Exporting Countries (Opec) is unlikely to cut crude oil production targets when members meet later this month, said Kuwait’s Minister of Oil on Monday.

“I don’t think there will be any cut in the production,” Ali Al Omair told reporters on the sidelines of Adipec (Abu Dhabi International Petroleum Exhibition and Conference.)

Opec will meet in Vienna, Austria on November 27 where its 12 members are expected to discuss the more than 25 per cent decline in the price of Brent crude, a global benchmark for oil, since June. Opec, which collectively supplies around 40 per cent of global oil, has a production target of 30 million barrels a day.

Oil prices have fallen due to a global oversupply amid weaker economic growth, particularly out of China and Europe, as well as increasing shale output in the United States.

Kuwait, along with Saudi Arabia and the UAE, has so far rejected calls by other Opec members, including Venezuela, to cut production levels. Al Omair told reporters, Kuwait, which produces around 2.9 million barrels per day, is “not cutting any production.”

Brent was up 1.70 per cent to $84.81 (Dh311) a barrel as of Monday afternoon local time, however, it is significantly down from June’s peak of around $115 a barrel.

Undeterred by falling prices, Al Omair said Kuwait’s oil dependent economy is “surviving” and that he expects prices to soon stabilise once global surplus is absorbed by the market.

Fellow Opec and Gulf Cooperation Council (GCC) member, the UAE, has also come out in commitment of its oil production output.

Suhail Mohammad Al Mazroui, Minister of Energy, speaking at Adipec, said the UAE “will continue its commitment” to its international customers while also saying that he expects “more conventional crude to be used in the country.”

The UAE currently produces around 2.9 million barrels a day and expects to lift its production capacity to 3 million by years end, according to previous comments from officials.

Al Mazroui declined to comment on this expectations of the November 27 Opec meet when later asked by reporters, however, he said the UAE is “concerned” by global oil prices but is “not panicking.”

Dr Sultan Ahmad Sultan Al Jaber, Minister of State and CEO of Energy at Abu Dhabi’s sovereign wealth fund Mubadala, told an industry audience at Adipec that, “we should not be distracted by these price swings.”

Opec Secretary-General Abdullah Al Badri also in Abu Dhabi, declined to answer questions from the press but told the same audience, “please, don’t panic. I think this will fix itself.”