Iran's Oil Minister Gholam Hussein Nozari Tuesday said the Organization of Petroleum Exporting Countries will consider all factors affecting the oil market before making a decision on output at Wednesday's meeting.
Speaking to reporters on his arrival in Vienna, Nozari said "global markets are well supplied...and the weak U.S. dollar is an issue."
OPEC will meet Wednesday to decide on whether to keep or change existing production levels. Iran, along with Venezuela, have been the most vocally supportive of the 13 member nations for a cut in production in order to maintain the current record high oil prices.
However, soundings from many other OPEC oil ministers this week have indicated the group will agree to maintain current production levels on Wednesday.