Iranian Oil Minister Sees No Need to Boost Output

Acting Iranian Oil Minister Gholamhossein Nozari said on Wednesday there was no need for OPEC to increase its crude production, Iran's state broadcaster reported.

"Currently there is enough crude oil in the market and there is no need for OPEC to increase production," IRIB quoted Nozari as saying.

Comments from Iran and other OPEC members suggest the group is likely to stick to existing production levels when it gathers next week in Vienna.