Abu Dhabi summit: Oil production cuts may be necessary

Major oil producers on hand for a summit in Abu Dhabi acknowledge that production cuts of up to 1 million barrels a day may be necessary.

Saudi Energy Minister Khalid al-Falih said on Monday that an analysis suggested that cut may be necessary, but authorities felt there were many assumptions built into that.

His counterpart from the United Arab Emirates, Suhail al-Mazrouei, currently the president of OPEC, similarly said "changes" would likely be necessary.

He, however, added that "we need not to overreact when these things happen." Crude oil dropped to a low of $30 a barrel in January 2016. Benchmark Brent crude, which had been trading above $80 a barrel recently, now hovers just over $70.

The officials spoke Monday at the Abu Dhabi International Petroleum Exhibition & Conference.