Cuts were unnecessary, according to Sheik Ahmad Fahd al-Ahmad al-Sabah, Organisation of the Petroleum Exporting Countries president and Kuwaiti oil minister.

OPEC members were split on whether a cut could come before the group meets March 16 in Iran.

OPEC decided on its current quota during its December meeting in Cairo, when it agreed to reduce output by one million barrels a day.

Most OPEC oil ministers have said there was no need to change the output ceiling despite the high prices.