The Organization of Petroleum Exporting Countries (OPEC) hinted Friday that it may call for production cuts to ease an overabundance when it meets in June.
"There is too much oil on the market and that has a bad influence on prices which have fallen dramatically," OPEC president Abdullah bin Hamad al-Attiyah told France's Le Monde in an interview published on Friday.
OPEC has previously expressed concern that the global oil glut could swell further after Iraq crude returns to the world market. The UN Security Council met Friday for initial discussion of a resolution that would lift sanctions against Iraq.
Under the current system Iraqi crude can only be sold through a UN-administered oil-for-food program, which expires next month.
