Iran Sees No Need for OPEC Oil Output Hike: Report

Iranian Oil Minister Gholamhossein Nozari said in remarks published on Tuesday that the market was sufficiently supplied with crude and he saw no need for OPEC to raise production.

Nozari's comments, carried by Iran Daily newspaper, come before the Organization of the Petroleum Exporting Countries meets in Vienna on Friday to discuss output policy, with oil prices around $10 below this year's record high above $100 a barrel.

Iran has repeatedly said the market had adequate crude supplies and has blamed the price surge on other factors such as tensions in the Middle East and speculation.

Nozari was quoted as saying "there was no need to supply more oil as the market was supplied sufficiently and its conditions were stable."

He was also quoted as saying "there was no reason for lifting OPEC output as warm months of the year were approaching."