Organization of Petroleum Exporting Countries don't need to raise output at their upcoming September meeting, a senior National Iranian Oil Co. official said Wednesday, the oil ministry's official Shana Web site reported.
"The market has enough crude oil and more (oil) than is needed is supplied to the crude oil market," said Ali Asghar Arshi, NIOC executive director for international affairs, according to Shana.
"Therefore there is no need for an increase in OPEC's production ceiling," Arshi added.
Arshi said Saudi Arabia producing well above its announced levels had contributed to the fall in oil prices, Shana said.
"It seems that this country has increased its production by more than the 200,000 barrels of oil that it announced. This issue had an effect on the fall in prices," he said.
OPEC's next meeting is scheduled for Sept. 9 in Vienna.