After almost reaching $80 a barrel in July, oil prices have dipped below $64, and the Organization of the Petroleum Exporting Countries (OPEC) is worried about further price drops. At a meeting in Vienna, the cartel of mostly mideastern oil-producing countries decided to reduce their output to keep demand up while leaving production limits at current levels. According to a Morgan Stanley research note, "Although risks remain, we now think that the $80 peak we had called is indeed the peak and that the ebb of crude oil and refined products prices has started." Risks include a possible cutoff of Iranian oil exports if political tensions with the country get worse. The lack of United Nations sanctions against Iran, along with the ceasefire between Israel and Hezbollah and a light hurricane season in the United States, contributed to the price drop. The International Monetary Fund's chief economist announced that oil prices would continue to be volatile.