TEHRAN – What is to be done, to reduce or to maintain? OPEC has to come up with a decision whether to reduce production or maintain it at current level. A meeting to convene in Vienna is going to see to it on Monday or Tuesday this week.

Nevertheless, in the absence of the crystal ball or unpredictability of two decisive parameters, Nigeria’s threat to stop exports and the future of Iran’s nuclear dossier, the members may have to be a little patient and take on the issue in February-March sessions. “Delay may sometimes set everything to right,” a French proverb says; perhaps not one of Chirac’s favorite maxims.

However, the upcoming tomorrow meeting may not be in vain after all. Oil demand seems to be down for the second season of the year as the market indices suggest, and the current production of 30 million bpd could be reduced by 3 million in order to prevent future oil glut, as an Iranian official proposed earlier. On the balance sheet, the current set-aside 88-day strategic oil emergency supply worldwide has been unprecedented. So, slight reduction like patience is a virtue when non-renewable fossil energy is concerned.