(VOVworld)- Oil prices surged Monday, capping their biggest three-day gain in 25 years, as the Organization of Petroleum Exporting Countries suggested it may be ready to scale back output and the US government cut its oil production estimates.

OPEC said in an article that it "stands ready to talk to all other producers" to achieve "fair and reasonable prices." According to OPEC, there is “no quick fix” for the low oil-price environment and voiced concern about its impact on the petroleum industry. OPEC said continuing pressure on prices “remains a cause of concern for OPEC and its members,” as well as for “all stakeholders in the industry.” Though the article, "Cooperation holds the key to oil's future," does not spell out how the discussion would go, the focus would clearly be on how to moderate production levels in a way to drive up prices, which fell below $40 a barrel this month.