Iran, number two oil producer in OPEC, would support a decision to cut production by the cartel at an extraordinary meeting set for Cairo later this month, the Mehr news agency reported on Friday.

`OPEC members have decided to hold a meeting on November 29 in Cairo to discuss recent prices. The current market situation is worrying,` it quoted Iran`s cartel`s representative Mohammad Ali Khatibi as saying.

`In light of dwindling oil prices and instability in the market, Iran will support an oil production cut,` he added.