Special Report: Global Financial Crisis    

    TEHRAN, Jan. 12 (Xinhua) -- An Iranian oil official has held that the Organization of Petroleum Exporting Countries (OPEC) is likely to slash its output in March, the country's Energy and Oil Information Network (SHANA) reported Monday.

    Iranian representative to OPEC Mohammad-Ali Khatibi was quoted as saying that "aiming at reaching stable oil prices, the organization seems to cut output at its session in March."

    In an earlier attempt to stabilize the world oil market, OPEC agreed last month to "cut production by a record 2.2 million barrels per day (bpd), taking total curbs since last September to 4.2 million bpd, the equivalent of 5 percent of global oil supply."

    "If oil prices continue to fall, cutting the production at the March 2009 meeting would not be unlikely," said Khatibi.

    The 12-member oil cartel, which pumps nearly 40 percent of global supply, is due to hold an ordinary meeting in mid-March in the Austrian capital of Vienna to bolster sagging oil prices under the global economic slowdown.

    According to the Iranian official earlier this month, the OPEC was intending to hold an emergency meeting in February ahead of the scheduled meeting in March.

    Khatibi said that Iran welcomes the OPEC emergency meeting in February, explaining that "if we could have a meeting in February, we could evaluate OPEC's January performance."

    Oil price tumbled to less than 40 U.S. dollars per barrel on Monday from a record high of 147 dollars in mid-July, 2008.