Oil prices decreased after Saudi Arabia Oil Minister Ali Al-Naimi said there will not be any production cuts in the country.
The West Texas Intermediate for April delivery moved down $1.52 dollars to settle at $31.87 a barrel on the New York Mercantile Exchange, while Brent crude for April delivery declined $1.42 to close at $33.27 a barrel on the London ICE Futures Exchange on Tuesday, Xinhua reported.
"We are not banking on cuts because there is less trust that countries are going to deliver even if they promise," Al-Naimi said on Tuesday.
He also said it is not clear when the current price rout will end, but the market will eventually rebalance because high-cost producers will have to "lower costs, borrow or liquidate" to cope with the slump in oil prices.
Big oil exporters including Saudi Arabia and Russia have proposed to freeze output at January levels only if other producers join them.