If the demand continues to decrease until the next Opec meeting, further output cut is possible, Khatibi said.

Iranian Oil Minister, Gholamhossein Nozari said that any more production cut would rely on the oil market condition.

He also called for more support between producers inside and outside the oil cartel group to help stabilize the market, with oil prices still trading about 65% below their peak in mid-2008.

OPEC has already approved to reduce output since September 2008 by a total of about 4.2 million barrels per day, or about 5% of world supply. It is expected to have delivered about 80% of those slashes.

Lower non-OPEC supply, adding to the impact of OPEC production cuts, could drive oil prices quickly higher when demand bounces back during any economic recovery, analysts say, reported Reuters.