Iran’s OPEC governor says it is still too early to say if the organization’s member states need to reduce their oil output again.

Mohammad-Ali Khatibi said on Wednesday that the impact of financial market turmoil on oil demand was unclear and it was not possible yet to predict the necessary decisions to be made at the OPEC meeting in Algeria on Dec. 17.
Members of the Organization of the Petroleum Exporting Countries (OPEC) last week agreed to cut their supply by 520,000 barrels per day.
“It is too early to judge…Demand is a key issue and signals from the economy in the US are not good. But I hope demand will recover,” Khatibi told Reuters.
Khatibi said ahead of OPEC’s meeting last week that the producer group may need to consider a new cut in output in its Algeria meeting to balance markets.
All members should abide by the group’s decision last week to pump at output targets, Khatibi said.
“That was a unanimous decision and all members should stick to their targets,” he said.
Although the West is trying to convince OPEC to increase its output, the organization has been arguing that the hike in crude prices has nothing to do with supply shortage.
(Source: Press TV)