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Iranian state TV is reporting that OPEC's Secretary-General says a daily oil production cut of between 1 million and 1.5 million barrels is likely in December.
Secretary-General Abdullah El-Badri was quoted Monday on the station's Web site saying that the Organization of Petroleum Exporting Countries is facing a very difficult situation and plans to "restore oil prices to $90 per barrel."
(OPEC has deferred its decision on a third supply cut until its next meeting in December. Watch the accompanying video for more...)
OPEC's next official meeting is in Algeria on Dec. 17.
El-Badri is in Tehran for an energy conference.
The bloc is grappling with how to reverse plunging prices, but ended a meeting in Cairo on Saturday without announcing a cut.
Oil [US@CL.1 Loading... ()] prices fell, with light, sweet crude for January delivery down in electronic trading on the New York Mercantile Exchange.
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