According to OPEC sources and delegates, the cartel is very unlikely to cut output at its next meeting in June, even if prices remain extremely low. Reuters report cites officials from the Middle East, who say Saudi Arabia wants to test Russia's commitment to freezing output before taking further steps. Saudi Arabian Oil Minister Ali al-Naimi said last week a supply cut was not on the cards. Oil markets are hanging on hope that a production strategy would be finally signed at a possible OPEC and non-OPEC meeting in March. For more information, read our latest forex news.