AKIPRESS.COM - Crude oil prices have fallen to a four-year low as Opec nations meet in Vienna to discuss production levels, reports BBC.

A cut in production appears unlikely after Saudi Arabia, Kuwait, Qatar and the United Arab Emirates said they had reached a consensus on oil output.

It is thought those big producers want to maintain production at the current level.

Brent crude fell by more than $2 to $75.75 a barrel, the lowest level since September 2010.

Crude oil prices have fallen 30% since June on sluggish global demand and rising production from the US.

The fall is causing concern for members of the Opec oil cartel, as most need a price above $80 a barrel to balance their government budgets and many need prices to be above $100 a barrel.

But on Wednesday, the Saudi Oil Minister, Ali al-Naimi, and his United Arab Emirates counterpart, Suhail bin Mohammed al-Mazroui, said they expected the oil market to stabilise itself.

"Dreams of rising oil prices smashed with pre-Opec meeting sentiments. Brace yourselves for lower oil prices," Singapore-based Daniel Ang of Phillip Capital said.

Saudi Arabia is the largest producer among the 12 members of the Opec oil producing cartel.

Analysts say it is willing to keep production at current levels to preserve its market share.

The cartel is due to hold a press conference at 15:00 GMT.