If oil prices continue declining, OPEC in March, again will reduce production quotas

OPEC could continue to reduce quotas for oil production with a further fall in prices, said Iran's representative to this organization, Mohammad Ali Khatibi. "If the trend to lower the cost of oil continues, the production cuts by OPEC at a meeting in March 2009 will not be a surprise," the agency quoted him as saying Bloomberg. As the representative of Iran, OPEC will stay the course "until until the market becomes quieter and the prices are not achieved sufficient stability. "Iran is the second largest oil producer in OPEC after Saudi Arabia. The next meeting of the representatives of States members of the organization, is scheduled for March 15 in Vienna. Representatives of member countries of OPEC, which produces more than 40 percent. the world's oil, at a meeting in Algiers on 17 December decided to cut production by 4.2 million barrels per day compared with September levels. From 1 January 2009 the volume production of its member states must be reduced to 24.845 million barrels per day. At present, OPEC are Algeria, Angola, Ecuador, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, UAE and Venezuela. Indonesia has left the organization on January 1, 2009.