Organization of Petroleum Exporting Countries could seek an output cut at their upcoming emergency meeting on Nov. 18 in Vienna to balance oil market supply and demand amid the unfolding global financial crisis, Iran's OPEC governor said Sunday.
"Nobody expects a production increase," Mohammad Ali Khatibi told Dow Jones Newswires in a telephone interview. "It's obvious everybody is thinking about a cut."
"At the moment, the oil market needs to be managed," Khatibi said.
OPEC confirmed Thursday that it would hold an early, extraordinary meeting on Nov. 18 to discuss an oil price drop of $70 from highs of $147 a barrel in July to below $80 due to concerns over oil demand amid world economic turmoil.
Light, sweet crude for November delivery on Friday settled $8.89, or 10.3%, lower at $77.70 a barrel on the New York Mercantile Exchange, the lowest settlement since Sept. 10, 2007.