TEHRAN, Sept. 19 (UPI) -- Iran's chief oil minister Mohammad Ali Khatibi said OPEC members would keep oil production level until the organization meets on Dec. 17.
Recent upheavals in financial markets in the United States and elsewhere could cause a drop in demand, which would require production cuts to keep prices elevated. However, Khatibi said "it's too early to judge," how the Organization of Petroleum Exporting Countries will react to recent market turmoil, Iran's Fars news service reported.
"Demand is a key issue and signals from the economy in the United States are not good. But I hope demand will recover," he said.
OPEC met in Vienna, Austria, earlier this month. The group agreed to maintain production at levels set a year ago with Venezuelan Oil Minister Rafael Ramirez expressing his desire to keep crude prices at or above $100 per barrel.
Prices on the New York Mercantile Exchange Friday were near the mark at $99.59 per barrel.
