The Organization of Petroleum Exporting Countries (OPEC) said that it could further cut oil production if international oil prices remain under 70 U.S. dollars per barrel. OPEC's objective is to keep the oil price between US Dollar 70 and 90 per barrel.
In the week ended on Nov. 7, OPEC's basket oil price stood below 60 dollars per barrel, at 57.66 dollars. OPEC oil prices have continued to drop since July this year.
