In Doha, Qatari Energy Minister Abdullah al-Attiya said that a price for oil between $40 and $50 a barrel is sensible among the global economic downturn.

We are talking about a reality and we have to be realistic … Realistic price should range between 40 and 50 dollars and it is suitable to the global economy at this point in light of the global economic crisis and low demand for oil, said Attiya.

Iran’s representative in OPEC, Mohammad Ali Khatibi said the group may slash oil output if global demand for crude continues to drop in the near future.

If demand continues to fall until the next meeting of OPEC, a further output cut is possible, Khatibi.