Opec's strategy of allowing low oil prices alone to stabilise the market without cutting supply is working, Kuwait's acting oil minister Anas al-Saleh said on Tuesday.

The comments signal that the Organization of the Petroleum Exporting Countries is sticking to its policy despite statements from Iraq's oil minister Adel Abdel Mahdi that he saw room for flexibility between Opec and non-Opec members on cutting production.

"I do believe that Opec's strategy is going as planned and we believe that it is so far working well," Saleh told reporters on the sidelines of a conference in Kuwait.

Saleh and Mahdi said they were willing to back an emergency meeting of Opec to address the issue, but only if an agenda were agreed in advance.

"We can see some flexibility. This should be finalised and we should hear some solid suggestions coming from all parts, from Opec and non-Opec, at least from Opec," Mahdi said.

"It is useless to go to a meeting without deciding up front. We said yes if others are willing to go but we have to decide before otherwise this will backfire on us. We have to go forward - I think the market needs that but we also look at our partners outside Opec to do the same," Mahdi added. – Reuters