Saudi Arabia's Oil Minister Ali Al-Naimi, who is here to attend an international conference on energy organised by India, said, "There is no need for further cut in production to keep global oil prices from falling further".

"All the fundamentals are significantly healthier than they were at the time of the Doha meeting (of OPEC in October). The market is in a healthy condition and moving in the right direction," he told reporters here on Tuesday in remarks, which came amid speculation that the 12-nation OPEC could convene an emergency meeting to discuss fresh cut in output.

Nigerian Oil Minister Edmund Daukoru agreed with Naimi and said there was no need for an emergency meeting of OPEC. "There is substantial oversupply in the market. We will simply wait it out. The sky is not falling because prices are at 52 dollars a barrel". The next meeting of OPEC is scheduled for March this year.

He said he did not know if the output cuts already announced were sufficient. "When we implement it, we will get to see how the market responds", he said.

"The winter has been very mild", Daukoru said in an apparent reference to the weak demand for oil in the United States, the largest consumer in the world.

International crude prices fell to levels in June 2005 due to unusually warm winter in the US as well as in Europe, which have kept down the demand in the two regions.

United Arab Emirates Oil Minister Mohamed Bin Dhaen Al Hamli replaced Dakuoru of Nigeria, the sixth largest producer of oil, as OPEC head.

The OPEC had said late last year that they would reduce their output by 1.2 million barrels per day and plan to cut production by another 500,000 barrels a day beginning in February.

The Nigerian minister spoke of 'energy poverty' in Africa and said there was an urgent need to invest in production and distribution networks in the continent.