The world economy has strengthened enough to weather oil prices at $75-$80 a barrel, the Saudi oil minister, Ali Naimi, said on Wednesday, suggesting that Opec no longer sees a need to support the global recovery with low oil prices.

Mr Naimi’s comments, which were echoed by other Opec officials, point to a shift in the policy of the cartel, which supplies about 40 per cent of the world’s oil and that earlier this year gave the impression it would not push prices higher too quickly.