Two of OPEC’s biggest members say they won’t immediately reduce oil production to offset tumbling prices, a signal the group is unlikely to heed Venezuelan calls for an emergency meeting.

The OPEC Reference Basket fell $4.77 to stand at $95.98/b in September, as sluggish demand and ample supply continue to weight on the oil market.

The continuing slump in global oil prices is punching holes in the budgets of oil-producing countries, including some OPEC members such as Iraq and Libya that are struggling with severe political and security problems.

Crude oil prices stabilised Friday after dropping significantly this week.

Discord at OPEC is turning into a price war, loosening the cartel’s grip on the oil market and exacerbating a recent steep selloff.

Iran’s oil minister called on Opec nations to work together to prevent a further slide in crude prices,

"The lifting of sanctions on Iran would be a game changer for world gas market," said Dr Seyed Mohammad Hossein Adeli, secretary general of the Gas Exproting Countries Forum, Zawya news website has reported.

Petronas, Malaysia’s state-owned oil and gas group, is threatening to pull the plug on a $10bn liquefied natural gas project in Canada, saying new taxes and rising competition from a slew of US shale gas projects threaten its viability.

The United Arab Emirates is in no hurry to see OPEC cut its oil output target this year despite the sharp drop of global crude prices in the last few months, senior UAE energy officials indicated on Tuesday.

North Sea Brent crude oil prices have remained under the symbolic $100/barrel level since September 5, falling to $94.13/barrel this afternoon, the lowest level in more than two years. Prices have declined almost $21 (18%) from the 2014 daily peak of $115/barrel on June 19