OPEC ministers will meet in Cairo this week to work out a strategy in response to the recent sharp fall in oil prices.

The ministers can be expected to contemplate all possible options not excluding cutting quotas.
``We’ll discuss everything at this OPEC meeting. Everything is still open,’’ said Iran’s Oil Minister Bijan Zanganeh Monday.

The minister confirmed the commitment to the established production quotas for this quarter while debating on the production policy for the next quarter.

``Oil demand is already being met with the oil produced. Reserves are in a good position,’’ Zanganeh said Monday.

``The recent reduction in prices shows the market is reacting, although it is the beginning of winter where consumption is high.’

``The trend of prices requires us to be very cautious. Prices could go up one or two dollars (a barrel) with an incident. It’s unstable,’’ he added.

Oil prices are up 39% in the past year to reach $55.67 a barrel on Oct. 25, the record in over two decades of futures trading. Today crude light oil rose 46 cents to $43.00.