The Organization of the Petroleum Exporting Countries (OPEC) may decide to reduce oil output again at its meeting in March if crude prices continue to fall, claimed Iran’s OPEC representative, Mohammad Ali Khatibi.  OPEC decided last month to cut production by a record 2.2 million barrels per day (bpd), taking total curbs since September to 4.2 million bpd, the equivalent of 5% of the world’s oil supply.  Oil prices fell 2% to below $41 a barrel on Friday after the release of the U.S. unemployment report that was a tad gloomier than expected.  The U.S. is the world’s biggest oil consumer.

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