Iranian oil minister calls supply adequate

TEHRAN, Jan. 30 (UPI) -- Iranian Oil Minister Gholam Hossein Nozari told Iranian Press TV Wednesday that there is no need for OPEC member states to increase production of crude oil.

OPEC, the Organization of Petroleum Exporting Countries, produces 40 percent of the world's oil and can lower oil prices worldwide by increasing supply. "There is no reason for the Organization of Petroleum Exporting Countries to raise output as we are approaching the warm season," Nozari said.

"The global crude market is stable and there is sufficient supply in the market," he told Irani Press TV.

Iran is OPEC's second largest producer after Saudi Arabia.