Saudi Arabia's oil minister, Ali al-Naimi, has said oil producers' cartel Opec will not cut production even if the price falls to $20 a barrel.
His comments reinforce Opec's recent policy change away from restricting output as prices fall.
In November, Opec said it would keep its target output at 30 million barrels per day.
The price of Brent crude oil has fallen by more than 46% since hitting its $116 peak in June.
Speaking to the Middle East Economic Survey, Mr al-Naimi said: "As a policy for Opec - and I convinced Opec of this, even Mr al-Badri [Opec secretary general] is now convinced - it is not in the interest of Opec producers to cut their production, whatever the price is.
"Whether it goes down to $20, $40, $50, $60, it is irrelevant," he said.
The world might not see the oil price back at $100 a barrel again, he added
While alternative sources of crude oil, such as shale and tar sands, have caused a big increase in supply, some analysts argue that the oil price collapse is more to do with falling demand due to a slowing global economy.
Danny Gabay of Fathom Financial Consulting told the BBC that the oil price fall was "overwhelmingly, predominantly, if not entirely, a demand shock. It's China slowing down. The supply element is more of a reaction."
International Monetary Fund (IMF) economists have speculated that the low oil price could boost the global economy by up to 0.7% in 2015.
"Overall, we see this as a shot in the arm for the global economy," said Olivier Blanchard, the IMF's chief economist.
Similarly, Opec producers believe the oil price could return to about $70 or $80 by the end of 2015 as global economic recovery boosts demand.