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VIENNA, Austria — With oil prices off nearly 30 percent from their highs of nearly $150 a barrel, OPEC oil ministers are considering what was unthinkable just a few weeks ago — cutting output to prop up the price of crude.

No one is predicting much of a cutback — if any at all. Still, such a move would not even have been thought of with oil prices setting record after record back in July.

But the bull run appears to have paused, if not ended, which means a new look at options for Tuesday's meeting of the 13 ministers at OPEC's Vienna headquarters.

Since crude surged to a record $147.27 a barrel on July 11, it has tumbled by more than $40, or more than 27 percent.

Back then, OPEC's main concern was pushing back against arguments from the U.S. and other key consumers that an output increase was needed to end rocketing prices.

Oil ministers insisted there was adequate supply to meet demand and blamed speculators and a weak U.S. dollar for crude's stellar rise.

But now, the greenback has strengthened, world demand has decreased because of creaky economies, traders' appetites for commodities have cooled — and suddenly the market appears to have turned bearish.

Oil markets, however, will also be keeping a close eye on Hurricane Ike, which on Sunday was a dangerous Category 3 storm projected to move into the oil-producing Gulf of Mexico after passing over Cuba.

Light, sweet crude for October delivery fell $1.66 to settle at $106.23 a barrel Friday on the New York Mercantile Exchange — its lowest close since early April.

The downward spiral has led to calls from OPEC price hawk Iran — the group's second-largest producer — to cut output from the nearly 30.5 million barrels a day pumped last month by the organization's members.

Not far behind is Venezuela. Venezuelan Oil Minister Rafael Ramirez has drawn the line at $100 per barrel of oil.

Anything below that should serve as a wake-up call for OPEC to tighten the spigots, he said — sentiment that is shared by other OPEC members.

Still, a major cutback is unlikely without Saudi agreement, and the Saudis — de-facto OPEC policy setters who produce nearly a third of total OPEC output — have given no hint they favor that option.

Saudi Oil Minister Ali Naimi has instead talked about a floor of $80 as the red line for action.

OPEC has reason to be cautious. Despite their precipitous fall, prices remain 14 percent higher this year than in 2007, and a barrel of benchmark crude still fetches four times what it did five years ago.

Any OPEC move Tuesday to cut output would result in a howl of protest from the U.S. and other major consumers, and give a larger platform to presidential candidates John McCain and Barack Obama to call for reduced dependence on foreign oil.