TEHRAN -- The Organization of Petroleum Exporting Countries could decide to roll over or cut crude oil production from existing levels when the group meets in early September in Vienna, Iran's OPEC governor Mohammad Ali Khatibi said Saturday.

Oil prices, which have fallen back to just above $113 a barrel from highs of above $145 a barrel in New York six weeks ago, are being pressured by higher supplies and lower demand, Khatibi told Dow Jones Newswires in a phone interview.

"The market is oversupplied by at least 1 million barrels a day. If OPEC would like to remove this additional oil out of the market, then OPEC has to cut some production," Khatibi said.

PEC's next policy meeting is scheduled for Sept. 9 in Vienna.

"There will be maybe two options. One option is maintaining the level of production. It means OPEC will roll over the production. The other option will be some decrease in production," he added.