The official said the ministry now plans to monitor the oil market closely and "wait and see" what impact the latest OPEC cut will have on prices, according to Nikkei.
Saturday, OPEC decided to cut oil output by 1 million barrels a day from April 1, in an attempt to stabilize the oil market and achieve its target basket price of $25/bbl.
The new output quota lowers OPEC's production target, excluding Iraq, to 24.201 million b/d. Earlier this year, the group cut its output by 1.5 million b/d.
OPEC members also urged non-OPEC producers Norway, Mexico, Oman, Angola and Russia to contribute to the latest output cuts and continue their cooperation with the group, press reports.
Iran's Oil Minister Bijan Namdar Zangeneh Saturday said OPEC was hopeful that non-OPEC producers would now collectively cut oil output by 0.2 million b/d, news agencies said.
Mexico's Deputy Oil Minister Juan Antonio Barges Saturday said Mexico would announce a cut in oil exports Monday or Tuesday.
Mexico, together with Venezuela and OPEC heavyweight Saudi Arabia, was instrumental in forming the output cut pact early last year that tripled oil prices, according to Dow Jones
Russian Oil Ministry officials are also reported to be in discussions with other Russian government officials regarding a possible output cut, wrote news agencies.
However, while Oman's Oil Minister Mohammed bin Hamad al-Rumhy Sunday said his country supports OPEC's production cut, he didn't confirm whether Oman will join in the cuts, as hoped for by OPEC, reported Nikkei.
© 2001 Mena Report (www.menareport.com)