The Organization of Petroleum Exporting Countries should agree to cut its oil output by at least 2 million barrels a day when it meets Wednesday in Algeria, an Iranian OPEC delegate said Tuesday.
The producer group's decision in October to cut its oil output wasn't enough to raise sinking oil prices, so members must decide to do more this week, the Iranian delegate said after arriving in Oran, Algeria, for the OPEC meeting.
OPEC also should plan to meet more often in 2009 to address slipping oil prices, the delegate said.