The Organization of Petroleum Exporting Countries says it will not cut its oil output if the current international oil prices do not fall by 14 percent.

The Dow Jones quoted a senior OPEC official as saying as long as the price of OPEC basket does not fall to 28 dollars a barrel from the current 32 dollars, the organization would not carry out its decision to cut production from April 1st.

Despite the oil cartel's high production of crude oil since December, international oil prices have stayed over the upper limit of its price band at 28 dollars a barrel.

Meanwhile, Oman's oil minister, who will be attending an OPEC meeting in Vienna this week as an observer, said the cartel will discuss a proposal to postpone the agreed production cut 2.5 million barrels a day.

Mohammed bin Hamed al-Remhi said the meeting in Vienna will "discuss world demand and supply, current oil prices, the level of supplies and a proposal to postpone the production cut scheduled for the start of next month.

So far OPEC members have been mum as to whether they would hold off on implementing the production cut that was announced on February 10th after a meeting in Algiers.

Qatar's Energy Minister said last week that he has not received any proposals, "official or unofficial," to postpone the cut on fears that if it is implemented already high oil prices would go even higher.