''I think the low price is a real damage to the future of production,'' Mr Nozari told the Iranian news agency Press TV in the Bahraini capital of Manama, where he met the Arab state's top oil officials. Hit by sanctions, the new low in oil prices has dampened Iranian development efforts. Tehran was looking at oil prices above 150 dollars a barrel until a few weeks ago. Iran, together with Venezuela, another US baiter, have been demanding a cut in oil production to prop up prices.
Iran's Organization of Petroleum Exporting Countries (OPEC) Governor Mohammad Ali Khatibi told Press TV that OPEC would likely decrease its output ceiling in its November 18 meeting.
Mr Nozari added that OPEC would try to create a balance between supply and demand in its November meeting in Vienna.
The oil prices have reached their lowest level in 13 months on concerns that the global economic slowdown would further cut into the demand for crude.
US crude dipped to 75.62 dollars a barrel, the lowest level since September last year, while London Brent crude dropped to 71.95 dollars.
''The situation of the global economy is the main reason for the price drop,'' Mr Nozari said when asked about the current oil price levels.