TEHRAN (FNA)- OPEC may take additional steps to stem the precipitous decline in oil prices if the market does not react to Friday’s production cut, Iran’s OPEC governor said.
The Organization of Petroleum Exporting Countries agreed Friday to a 1.5 million-barrel-per-day production cut in an effort to stave off the falling price of oil on the world market.
Oil was trading at 17-month lows below $62 a barrel in morning trading Monday on investor fears of a global economic meltdown.
The 12 members of the oil cartel say they can remain profitable if the price of oil levels off at around $80. But Iranian OPEC Governor Mohammad Ali Khatibi said the cartel may take further steps at its December meeting in Algeria.
“Be assured that if the recent decision is not effective on the market, OPEC will take steps to consolidate the market and stabilize prices at its next meeting, which will be held in (Algeria) in December,” Khatibi said.