Iran's oil minister said Tuesday that the oil market is improving but crude inventories are still high.
Speaking to reporters as he arrived in Vienna for an Organization of Petroleum Exporting Countries' meeting, newly appointed Masoud Mirkazemi said: "I think the current situation is getting better than before," when asked if the organization would decide another cut.
"The level of the stocks is high," he said in response to a question about whether he is worried about high oil inventories.
Oil prices have bounced back from a low of $32 a barrel in December to about $70 a barrel now as signs of economic recovery lead to hopes of a resurgent oil demand.
"The level of the stocks is high," he said in response to a question about whether he is worried about high oil inventories.
Historically high levels of crude inventories - representing 61.7 days of forward demand cover as of June - have sparked fears of large releases onto the market and of a fresh fall in oil prices.
OPEC is due to meet Wednesday.