Iran: No need for OPEC to change oil output

Iran's Oil Minister estimates current global oil reserves as sufficient, saying that there is no need for OPEC to change the current oil output.

"Iran's position is to maintain the current crude oil output during the upcoming OPEC meeting," Masoud Mir-Kazemi told reporters on Monday ahead of OPEC's meeting to set production levels.

The Organization of the Petroleum Exporting Countries (OPEC) meets in Vienna on March 17 to review its oil supply policy.

The oil producing organization has left its quota unchanged since December 2008 when it agreed to cut 4.2 million barrels per day (bpd) but compliance of the group's members has waned to 53 percent.

Mir-Kazemi added that OPEC is not expected to make any change in the output ceiling as there have not been considerable changes in the oil market.

Many OPEC members announced on Monday that there was no need for the group to change its official target output owing to the current supply, demand and price situation amid a global economic recovery.

The Organization of Petroleum Exporting Countries has no need to "disturb" a balanced oil market, Saudi Oil Minister Ali al-Nuaimi told reporters.

OPEC, which produces around 40 percent of the world's crude oil, has an official target level of 24.84 million barrels a day but is actually producing more.


/Press TV/