Speaking in a live TV interview on Sunday, Mohammad Ali Khatibi said a reduction in production 'will be considered' at the next meeting in Algiers in December - a meeting that might even be held early if necessary.
Mr Khatibi said if Opec?s decision on Friday to cut 1.5 million barrels of production did not halt the drop in prices, more would need to be done.
Crude prices have dropped below US$65 (S$98) a barrel yet Iran needs prices of around US$90 to balance its budget, according to International Monetary Fund estimates.