The Organization of Petroleum Exporting Countries' President Chakib Khelil said the group could keep the current output ceiling or reduce it in order to reestablish a balanced and stable market, the official Kuwaiti news agency Kuna reported Monday.
Iran and Venezuela have asked OPEC to reduce production, suggesting that demand will decline in the second quarter, Kuna reported.
OPEC will meet in Vienna on March 5 to decide on whether to change or keep existing output levels.