TEHRAN, Sept. 8 - Iran's new Oil Minister Masoud Mir-Kazemi Tuesday said there is no need to further cut OPEC output to boost the oil market, local satellite Press TV reported.
The international oil market was "getting better" and no further cut in the OPEC output is required, Mirkazemi was quoted as saying.
Saudi Oil Minister Ali al-Naimi has said the current state of oil market is "stable and in good condition," while Kuwaiti Oil Minister Sheikh Ahmad Al-Abdullah Al-Sabah said Monday that OPEC does not need to reduce output as the current oil prices are satisfactory.
Iran's new oil minister arrived in Vienna on Tuesday to attend OPEC Ministerial Monitoring Committee on Wednesday to discuss future oil production quotas, the report said.
OPEC's weekly average oil prices dropped last week to 67.56 U.S. dollars per barrel, down 3.86 dollars compared to the previous week, the Vienna-based cartel said Monday.
After only a one-week recovery, OPEC oil prices kept going down last week, falling from 70.37 U.S. dollars a barrel on Aug. 31 to 66.03 U.S. dollars on Sept. 4. The price only increased by 0.01 U.S. dollars on Sept. 3.
Organization of Petroleum Exporting Countries (OPEC) is a cartel of 12 countries comprising Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela.
OPEC nations account for two-thirds of the world's oil reserves, and, as of April 2009, 33.3 percent of the world's oil production.
The international oil market was "getting better" and no further cut in the OPEC output is required, Mirkazemi was quoted as saying.
Saudi Oil Minister Ali al-Naimi has said the current state of oil market is "stable and in good condition," while Kuwaiti Oil Minister Sheikh Ahmad Al-Abdullah Al-Sabah said Monday that OPEC does not need to reduce output as the current oil prices are satisfactory.
Iran's new oil minister arrived in Vienna on Tuesday to attend OPEC Ministerial Monitoring Committee on Wednesday to discuss future oil production quotas, the report said.
OPEC's weekly average oil prices dropped last week to 67.56 U.S. dollars per barrel, down 3.86 dollars compared to the previous week, the Vienna-based cartel said Monday.
After only a one-week recovery, OPEC oil prices kept going down last week, falling from 70.37 U.S. dollars a barrel on Aug. 31 to 66.03 U.S. dollars on Sept. 4. The price only increased by 0.01 U.S. dollars on Sept. 3.
Organization of Petroleum Exporting Countries (OPEC) is a cartel of 12 countries comprising Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela.
OPEC nations account for two-thirds of the world's oil reserves, and, as of April 2009, 33.3 percent of the world's oil production.
