Officials from OPEC's Persian Gulf nations were "not wavering" in their belief that lower crude prices will slow competing supplies according to Reuters.

"One delegate from a Gulf OPEC member said there was ‘no chance' of a rethink while another referred to the view that non-OPEC producers were to blame for the glut," the newswire reported.

A second delegate reportedly said that Saudi Oil Minister Ali al-Naimi "made it clear".

"OPEC will not cut alone," the delegate told the newswire.

The OPEC ministers and delegates reportedly blamed producers such as Russia, Mexico and Kazakhstan, plus US shale and tight oil production, for the oversupply in crude markets.

Meanwhile, UAE Energy Minister Suhail Al Mazrouei told Abu Dhabi-based The National that the oversupply in oil markets was a problem that could take years to overcome.

"We are experiencing an obvious oversupply in the market that needs time to be absorbed," he told the newspaper, according to Bloomberg.

"Depending on the actual production growth from non-OPEC countries, this problem could take months or even years. If they act rationally, we can see positive corrections during 2015."