"There is no reason for us to suddenly come into January and say we need a bigger reduction or a longer period. Will this change in the second quarter? Possible, but (that's) improbable today," he told reporters ahead of the first meeting of a committee that will monitor compliance with the deal.

Producers have pledged to lower output beginning this month in order to support prices.

(Reporting by Rania El Gamal; editing by Jason Neely)