The Saudi Arabian Minister of Petroleum and Mineral Resources Ali al-Naimi has declared that the country will "never" cut oil production despite prices hitting five and a half year lows on over-supply and weak demand.

Al-Naimi added in a CNN interview that Saudi Arabia was also "not conspiring" to target US and Russian oil producers by not cutting supply and that it was too late for non-Organisation of the Petroleum Exporting Countries (Opec) members to offer any cuts.

Saudi Arabia will not cut prices, neither now nor ever in the future, he said.

"These rumours or whoever generated them, is completely mistaken. I was the first minister to welcome the production and addition of shale oil in 2008 and 2009, in Washington, why? Because it would give better stability and assurance to the world that peak oil, is a theory now that is there, but at that time, peak oil was a big deal," said al-Naimi in the CNN TV interview.

"Saudi Arabia, you know, we are going to continue to produce what we are producing, we are going to continue to welcome additional production if customers come and ask for it.

"There is no effort against anyone in the International oil market, there are no conspiracies against other countries and that is what I said in my speech, I wish someone would take that translation and use it."

Oil prices have plummeted over the last few months and hit a five-and-a-half-year low of under $60/bbl in December.

According to the International Air Transport Association, global airline profits next year will expand by 25% to $25bn as the oil price collapse has led to fuel prices plunging 51% from its triple digits peak.

In 2013 and 2012, oil prices averaged $100/bbl.

Opec has been blamed for not stepping in and reducing production amid high supply and low demand.

When CNN asked if non-Opec members offer cuts at this stage would Opec step up to the table or eave production where it is at, al-Naimi said that it was "too late."

"If they want to cut production they are welcome, we are not going to cut, and certainly Saudi Arabia isn't going to cut," he said.

"The position we will hold forever, not [just in] 2015."

For the full interview, check out the video below.