DUBAI (Reuters) - OPEC was unlikely to cut output at its December meeting unless the price for crude produced by its members fell below $80 a barrel, an OPEC source said on Wednesday.
The price for OPEC's basket of crude stood just above that threshold on Tuesday, at $80.04 a barrel.
"The price is still reasonable," the source told Reuters. "If it stays where it is then OPEC will stick to the output levels decided at the last meeting. I think if it falls below $80, OPEC will do more."
Even if the price fell through the $80 mark, the Organization of the Petroleum Exporting Countries (OPEC) was unlikely to take action before its next scheduled meeting in December, the source said.
The global financial crisis and slowing demand growth were a concern, but the lower oil price should bolster consumption, the source added.
(Reporting by Simon Webb)
