Iran's OPEC governor said the organisation may consider another cut in oil production due to a glut in the market.

Speaking in a live TV interview, Mohammad Ali Khatibi said, “A reduction in production will be considered at the next meeting in Algiers in December a meeting that might even be held early if necessary.”

Khatibi said if OPEC's decision on Friday to cut 1.5 million barrels of production did not halt the drop in prices, more would be needed to be done.

Crude prices have dropped below 65 percent per barrel yet Iran needs prices of around %90 to balance its budget, according to International Monetary Fund estimates.