Iran says OPEC may decrease production further

AP: Iran's OPEC governor says the organization may consider another cut in oil production due to a glut in the market.

The Associated Press

TEHRAN, Iran (AP) — Iran's OPEC governor says the organization may consider another cut in oil production due to a glut in the market.

Speaking in a live TV interview Sunday, Mohammad Ali Khatibi said a reduction in production "will be considered" at the next meeting in Algiers in December — a meeting that might be held early if necessary.

Khatibi said if the decision Friday by the Organization of Petroleum Exporting Countries to cut 1.5 million barrels of production per day does not halt the drop in prices, more would need to be done.

Crude prices have dropped below $65 per barrel, yet Iran needs prices of around $90 to balance its budget, according to International Monetary Fund estimates.