The price of Brent crude slumped further to a fresh five-year low despite China reporting record crude imports in December.

Reuters reported that February Brent crude declined $1.06 to $46.37 a barrel, while US crude for February was down $1.15 at $44.92 a barrel.

"OPEC has decided not to cut production, despite oil prices plummeting 57% since June 2014."

OPEC has decided not to cut production, despite oil prices plummeting 57% since June 2014.

OPEC members are offering discounts to customers in order to protect market share.

Saudi Arabia said it would not support prices by reducing production and rejected calls from other OPEC members.

United Arab Emirates oil minister Suhail bin Mohammed al-Mazroui was quoted by the news agency as saying that OPEC’s decision in November to not cut output had been the correct decision.

OPEC’s strategy will not change and other oil producers need to be rational, according to al-Mazroui.

Several banks have cut their oil price outlook, with Goldman Sachs slashing its 2015 Brent forecast to $50.40 a barrel from $83.75 and US crude to $47.15 a barrel from $73.75.

BNP Paribas has cut its 2015 price forecasts for Brent and West Texas Intermediate crude by more than $10 per barrel to $60 a barrel and $55 a barrel, respectively.