"I hope the price will pick up … a $50 price will not permit us to invest," he said at the World Economic Forum in Davos, Switzerland, Thursday, The Times of London reported.
Members of the Organization of Petroleum Exporting Countries "are not happy with $40, even $50 a barrel," he said.
He said OPEC members "will not hesitate to take some quantity out of the market," if prices continue to fall.
Oil was priced at $41.20 on the New York Mercantile Exchange Thursday morning.
Celebrity Families of 2014 [PHOTOS]