Feb. 17 (Bloomberg) -- OPEC, supplier of more than 40 percent of the world’s oil, may cut production at a meeting next month if prices and markets are unstable, Iraqi Oil Minister Hussain al-Shahristani said.

“If demand is going to stay down as it has done, then obviously we will need to cut production,” he said at a conference in Doha, Qatar today.

The Organization of Petroleum Exporting Countries meets on March 15.

To contact the reporter on this story: Anthony Dipaola in Doha, Qatar at adipaola@bloomberg.net

Last Updated: February 17, 2009 04:32 EST