TEHRAN, Nov.17 (ISNA)-The head of OPEC affairs at Iran's Oil Ministry informed that if the recently agreed production cut did not affect the world's market, the production would be decreased even more.
"If the one million and two hundred thousand barrels reduction of oil production that is still observed today from the first of November does not make any effective change in the world market, then the production level shall be reduced even more," stated Javad Yarjani.
Yarjani also commented that according to the OPEC, setting conditions for balancing the market in its present situation was the main duty of this organisation.
OPEC has agreed to cut down 1.2 million barrels per day from its production since the first of November to rise up prices which have dropped about $20 a barrel from this year's peak.
"If this reduction affects the global oil stocks and the increasing trend of these stocks in the recent months stops, then we could say that the decision by OPEC was fruitful," he went on to say.
Yarjani concluded that if the results and consequences of the cut down were not successful, then the OPEC members would take another decision at their next meeting in Abuja, the capital of Nigeria, in December.
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