TEHRAN, March 2 (UPI) -- The Organization of Petroleum Exporting Countries will seek ways to repair oil prices rather than announce further production cuts in March, Iran says.
Iranian Oil Minister Gholamhossein Nozari told reporters OPEC was not expected to announce further production cuts at its March 15 meeting in Vienna as oil prices hold near $40 per barrel, Iran's Press TV reports.
"I do not think we move toward cutting production again," he said. "Instead, a mechanism should be defined to repair prices in the oil market."
Oil gave up more than $100 since July highs above $147 as the global economic crisis put a strain on demand. Prices have held steady around $40 since September, however, when OPEC announced production cuts of 4.2 million barrels per day.
"OPEC will review the oil market at the Vienna summit and will decide about its production policy in view of the world economic growth in this year and 2010," Nozari said.
His comments are in stark contrast to statements from Algerian Oil Minister Chakib Khelil, who said in February there was a "strong possibility" OPEC would reduce production "to help stabilize prices."