The Organization of the Petroleum Exporting Countries (OPEC) expressed concerns over the decline in oil prices in its bulletin on Monday.

"Today's continuing pressure on prices, brought about by higher crude production, coupled with market speculation, remains a cause for concern for OPEC and its members-indeed for all stakeholders in the industry," OPEC said.

OPEC is ready to discuss the problem with other producers. But OPEC added that it will protect its own interests.