There will be no cut in oil production by members of the Organisation of Petroleum Exporting Countries, at least not until the middle of December.

OPEC energy minister met in Cairo this weekend to discuss the falling price of oil. After Saturday's meeting, the organisation's president, Chakib Khelil, said they have deferred any decision on oil production quotas until a meeting in Algeria on December 17.

Opec members, who account for 40 percent of global oil production, have lost billions of dollars as oil plunged to under US$55 per barrel, down from mid-July's record US$147, due to slumping demand due to the global economic downturn.

The oil cartel cut output by 1.5 million barrels a day last month, but this did not stop prices from tumbling.

OPEC member Venezuela reportedly favours a cut in output of a million barrels a day to try to boost prices, and while other members have not ruled out making another output cut, some say the impact of the existing cuts still have to be felt.

© NewsRoom 2008