Enforcing the largest and deepest supply cut ever, the Organization of the Petroleum Exporting Countries (OPEC) said it expects oil to reach $75 a barrel in 2009, Reuters reported.

“I think that if all the cuts are carried out within the established time frame, there will be an impact in the market that will lead to a positive trend in terms of oil prices,” said OPEC’s President, Botelho de Vasconcelos, who is also the Angolan oil minister.

OPEC, which pumps about a third of the world’s oil, met in December and agreed to cut its output by 2.2 million barrels per day in anticipation that it would balance supply with the rapidly declining demand for fuel.

However, this morning crude oil prices fell to their lowest price in more than a month, and then slightly rebounded to nearly $37 a barrel.

Crude oil hit a record high when it reached nearly $150 a barrel this past summer.

“I wouldn’t say prices are stabilizing, but the variation between the maximum and minimum price (of about $40-$50) throughout the past month does not give any indication that an extraordinary meeting should be held,” de Vasconcelos said.

OPEC is expected to meet in Vienna on March 15.