The Organization of the Petroleum Exporting Countries will assess the oil market this week before determining whether to change its production levels, Iranian oil minister Gholam Hossein Nozari said Monday, upon arriving for the group's Tuesday meeting.
"We will assess the market and then we will take our decision," Nozari said. "But the market is definitely oversupplied."
Iran said Sunday that OPEC members should cut output to the agreed target quotas in the face of falling oil prices, state-run IRNA news agency reported.
"The market does not need more oil and there is no need for excess production given the fall of oil prices," Iran's envoy to the Organization of Petroleum Exporting Countries, Mohammad Ali Khatibi, told IRNA.