Organization of Petroleum Exporting Countries states may hold an extraordinary meeting before their scheduled December meeting in Algeria if oil prices continues to fall, Iran's Oil Minister said Monday.
Speaking at a conference in Tehran, Gholam Hossein Nozari said OPEC's October decision to reduce production by 1.5 million barrel a day had prevented prices from falling further but further price declines may warrant another meeting.
"I definitely think the cut did have an effect on oil prices. If the cut had not taken place, the decline in price would have been even more," Nozari said.
"If the price continues to fall, the possibility of a meeting before the December meeting exists," he added.
Oil prices have slumped more than 50% since touching an all time high of more than $147 a barrel in July. ICE Brent was trading up $2.60 at $59.95 a barrel Monday, while Nymex was trading up $2.83 at $63.87 a barrel.