Iran's governor to the Organization of Petroleum Exporting Countries, or OPEC, said that further declines in crude oil demand could warrant an output cut at the organization's next meeting, the daily Hamshahri paper reports Monday.
"If demand [continues to] decline by [OPEC's next meeting], that will change the situation and a production cut by OPEC will be possible," Hamshahri cites Mohammad Ali Khatibi as saying.
"The state of the market will affect OPEC's decision," he added, according to Hamshahri.
"If demand adjusts, then OPEC too must adjust production," Khatibi said, reports Hamshahri.
OPEC is scheduled to meet next in late May.