Opec is powerless to arrest the slide in oil prices unless other producers such as Russia match any cuts in output, according to a former president of the group.
With oil prices plummeting due to global oversupply, the Organisation of the Petroleum Exporting Countries (Opec) will be unable to stabilise the market on its own, Abdullah bin Hamad Al-Attiyah told The Daily Telegraph.
The group - which mainly comprises Middle Eastern and South American oil producers - would need agreement from other oil-producing nations, he said, adding: "I don't see any light at the end of the tunnel. Opec and non-Opec need to agree to support the market." Brent crude is down 57pc over the last year to a six-and-a-half year low of $43 per barrel, with pressure mounting within Opec for an emergency meeting to discuss the price slide. Iran's oil minister, Bijan Zanganeh, said over the weekend that Tehran would support a meeting to address falling prices.
Mr Attiyah, previously one of Opec's longest serving ministers and the group's ex-president, is currently advising governments on energy policy. "The market is very oversupplied but the problem is that everyone now is increasing production," he said.
Tension is building within Opec between Saudi Arabia - the group's largest producer - and smaller members, who are being crippled by the collapse in oil prices.
The kingdom was the main catalyst behind Opec's decision last November to maintain production levels despite the collapse in prices. That strategy effectively triggered a price war with shale drillers in the US and Russia, but both have increased production in response to the lower prices, suggesting that Opec's strategy has failed.
Mr Attiyah, who is also a past oil minister of Qatar, said the current oil price decline had "exceeded our worst expectations".
Saudi Arabia now pumps more than 10.6m barrels per day (bpd) of crude despite Opec setting a production target ceiling at 30m bpd.
"It's not Saudi's responsibility to support the oil market," said Mr Attiyah.
By The Daily Telegraph
