ABUJA: OPEC is facing a challenging time due to the fall in oil prices and many members and non-members are "suffering immensely", the organization's president and Nigeria's oil minister, Diezani Alison-Madueke, has said.

"This is a very challenging time as you know for OPEC and for the global crude oil wells as a whole," she told journalists in Abuja.

"Many countries both OPEC and non-OPEC countries are suffering immensely," she said.

Alison-Madueke said Venezuela, Angola, Algeria, Iran and Nigeria had either taken strict fiscal measures to cushion the effects of the plummeting prices or had their budgets placed "under duress".

Russia, a non-OPEC country that is not cutting production, is witnessing a drop in the value of its currency, she said.

"Our prayer ...is that we will be able to stabilize the crude oil prices per barrel over this period because it is critical," she said.

The minister said she would closely monitor the prices to determine if a special OPEC meeting was needed to discuss strategies to address the situation.

Nigeria, Africa's largest oil exporter, has to be more competitive "at this time and going into the future. We cannot continue to do business as usual," she said.

Corruption and mismanagement have blighted the nation's oil industry.

Crude oil is the mainstay of Africa's largest economy.

Nigeria said last month it was reviewing its fiscal and monetary policies to deal with the predicted fall in revenues after oil prices fell by a third since June.

Finance Minister Ngozi Okonjo-Iweala said spending plans made on an oil price benchmark of $78 dollars a barrel for 2015 were being reviewed downward to $73 dollars a barrel.

She said oil accounts for 83 percent of Nigeria's exports.

World oil prices steadied on Thursday, dealers said.

In London deals, Brent North Sea crude for delivery in January added 12 cents to $70.04 per barrel.

US benchmark West Texas Intermediate for December slipped ten cents to $67.28 compared with Wednesday's closing value.

"Today, the main focus will turn to the release of" US jobless claims data "which could provide an indication ahead of the release of key US non-farm payroll figures tomorrow", said Sucden brokers analyst Myrto Sokou.

Crude futures had risen in earlier Asian deals after a dip in US stockpiles raised optimism about energy demand in the world's top crude consumer during the winter season, analysts said.

The US government's Department of Energy said in its latest inventory report that commercial crude stockpiles dropped 3.7 million barrels in the week ended November 28.

Analysts surveyed by the Wall Street Journal had predicted a rise of 600,000 barrels.

Daniel Ang, an investment analyst at Phillip Futures in Singapore, said the drop was supporting crude prices "slightly".

"Price consolidations seems to have ended," he said, referring to volatility this week following a sharp sell-off.

Oil prices plunged after the OPEC group announced last Thursday it would maintain its output levels despite global oversupply. Prices fell to five-year lows Monday, with WTI hitting $63.72 and Brent at $67.53, before rebounding.

The commodity has fallen around 30 percent since late June, weighed by concerns of an oversupply and weak demand.

The US inventories report also showed refineries in the country ramping up processing, as the plant utilisation rate rose to 93.4 percent of capacity from 91.5 percent the week before.

"This is likely due to anticipation for winter demand," Ang said.