At a meeting in Cairo last weekend, Organization of Petroleum Exporting Countries (OPEC) ministers decided to not cut oil production. Saudi Oil Minister Ali Naimi said Saturday that OPEC will “do what needs to be done” to shore up falling oil prices when the group meets December 17 in Algeria, but for now it was “too early.” Oil prices fell to near $52 a barrel Monday, a drop of over 4% from Friday.

Naimi’s comments came after Saudi King Abdullah told the Kuwaiti newspaper Al-Seyassah in an interview published Saturday that oil should be priced at $75 a barrel. Iranian Oil Minister Gholam Hossein Nozari was quoted as saying Sunday that the market was oversupplied by around 2 million barrels per day and that production should be cut by that amount.

Russia’s energy minister said the country may coordinate oil production cuts with OPEC to help stem the slide in crude oil prices, media reports said Wednesday.

“Russia will cooperate with OPEC to defend its interest,” Russian Energy Minister Sergei Shmatko said at a conference in New Delhi on Tuesday, Press Trust of India news agency reported. Shmatko blamed the steep decline in crude oil prices on recessions in major economies and speculation in the oil market.

The 13-nation Organization of Petroleum Exporting Countries cut oil production by 1.5 million barrels a day last month but crude oil prices have still fallen to about $50 a barrel– a third of their July peak of nearly $150.

Iran’s share of the 1.5 million bpd cut agreed in October and effective from Nov. 1 was 199,000 bpd. “We observe the entire 199,000 bpd (quota cut). We are hopeful that others will do the same,” Khatibi told reporters on the sidelines of an energy conference, adding compliance by other members was “very good, above 70% to 80%. If there are other cuts, we will seriously observe that.”

Iran, OPEC’s second-biggest producer, pushed for a cut before the Cairo talks, but Khatibi said ministers wanted to see the November output figures before taking a decision. Ministers from the Organization of the Petroleum Exporting Countries next meet in Algeria on Dec. 17.

Oil prices have tumbled more than $90 from their July record peak of $147 a barrel. Economists said Iran needs a price of at least $70 to $80 a barrel to avoid big spending cuts in next year’s budget and to keep its current account in the black. Saudi Arabia, OPEC’s biggest producer, for the first time in years has identified a “fair” price for oil — $75 a barrel.

Oil prices have tumbled as result of shrinking demand in Western economies. Khatibi said prices could fall further because of the economic downturn.