The price of oil today is roughly half of what Opec wants it to be and the cartel is prepared to make further cuts in production, according to its secretary-general.

Abdalla El-Badri told the Financial Times that if oil prices did not rise from current levels before Opec’s March 15 meeting, the cartel would “not hesitate to take further action” by cutting production among member states. Any such move would add to the cumulative cuts of 4.2m barrels per day that Opec has instituted in two rounds since September.