Saudi Arabia is vowing not to cut oil production to boost slumping prices. Danny Cox of British-based stockbroker Hargreaves Lansdown says Saudi Arabia is no longer targeting higher prices.

[audio:Oil1223Cox11.mp3] [/audio]

Cox says other non-OPEC countries are increasing oil production.

[audio:Oil1223Cox21.mp3] [/audio]

The country's oil minister suggested oil at 20-dollars a barrel would be acceptable. Brent crude prices are currently hovering around 60-dollars a barrel, their lowest level in five years.