Iranian Oil Minister Gholam Hossein Nozari was quoted Sunday on his ministry's web site saying that Iran would push for a production cut of 1.5 to 2 million barrels per day.
Analysts have questioned whether OPEC members will follow through with any announced cut.
"They're talking about a severe cut, but the question is their discipline," said Christoffer Moltke-Leth, head of sales trading at investment firm Saxo Capital Markets in Singapore. "Unless they really surprise the market, this cut may not support the price much."
Oil has jumped from a four-year low earlier this month of $40.50 a barrel on expectations an OPEC output reduction could be the catalyst to stabilize the oil price, which has fallen 65 percent since July.
Investors largely ignored OPEC's 1.5 million barrels a day output cut in October, focusing instead on a slowing global economy that's hurt crude demand.
More bad macro-economic and company news from the U.S. and Europe over the coming weeks will likely push oil prices lower, Moltke-Leth said.
"I expect crude to continue its slide and I don't think OPEC is going to prevent that, Moltke-Leth said. "Demand destruction in the major economies will still very much be on the agenda. We could go as low as $30 a barrel."
In London, January Brent crude rose 94 cents to $47.35 on the ICE Futures exchange.
Author: Ksenia Kochneva
