Iran's governor to the Organization of Petroleum Exporting Countries said the organization could decide to cut oil output at its next meeting if crude prices continue to decline, the daily Hamshahri newspaper reports Monday.
"OPEC must do something to stabilize the market and in case that there is a price fall, the possibility does exist for a decision to reduce output," Hamshahri cites Mohammad Ali Khatibi as saying.
If "prices continue on a downward trend, the possibility of a cut in output exists," Khatibi said, according to Hamshahri.
OPEC is scheduled to meet again in Vienna in mid-March.