Saudi Arabia's oil minister, Ali al-Naimi, has said oil producers' cartel Opec will not cut production even if the price falls to $20 a barrel.
His comments reinforce Opec's recent policy change away from restricting output as prices fall.
In November, Opec [Organization of the Petroleum Exporting Countries] said it would keep its target output at 30 million barrels per day.
The Brent crude oil price has fallen by more than 46% since its $116 June peak.
Speaking to the Middle East Economic Survey, Mr al-Naimi said: "As a policy for Opec - and I convinced Opec of this, even Mr al-Badri [Opec secretary general] is now convinced - it is not in the interest of Opec producers to cut their production, whatever the price is.
"Whether it goes down to $20, $40, $50, $60, it is irrelevant," he said.
The world might not see the oil price back at $100 a barrel again, he added.
