OPEC will assess oil-market conditions when it meets Saturday in Cairo, but the group may delay a final decision on whether to further reduce oil output until it meets again next month in Algeria, Iranian oil minister Gholam Hossein Nozari said Friday.
"We will look at the market and then we will decide," Nozari said, referring to a possible third output cut to stop oil prices from falling further.
Asked if the Organization of Petroleum Exporting Countries would cut its oil production again Saturday in Cairo, he said, "We may decide in Algeria."
After the Cairo meeting, OPEC's next formal meeting will be Dec. 17, in Oran, Algeria.
The group has cut its oil production twice in the last two months for a total reduction of about 2 million barrels a day, but that hasn't stopped oil prices from falling to around $53 a barrel now from a record high around $147 in July.