TEHRAN, Oct. 28 (UPI) -- Iranian Oil Minister Mohammad Ali Khatibi said a second reduction in oil exporting quotas would be considered in December and possibly sooner.
The Organization of Petroleum Exporting Countries reduced their collective quota by 1.5 million barrels of oil a day last Friday. But oil prices have continued to drop, hovering around $63 per barrel Tuesday.
Khatibi said a second cut "will be considered," at the OPEC meeting in December with an earlier meeting possible, the Fars News reported.
Khatibi said overproduction by some OPEC members had put too much oil on the market, the news agency reported.
"If these countries observe the quotas, about 500,00 barrels will be cut from the current OPEC production volume," he said.
