“In regard to oil market conditions, the possibility of an OPEC emergency meeting is low,” the ministry’s Web site, Shana, quoted Yarjani as saying. “Current oil prices are at a proper level and there have been no reports of crude oil shortages anywhere,” he said.

“An increase in oil prices is not because of crude oil shortages, therefore the possibility of an OPEC emergency meeting is low and ministers of OPEC members have evaluated the oil market as stable,” he added.

The Organization of the Petroleum Exporting Countries agreed to output cuts of 1.7 million barrels per day last year.

The next OPEC meeting is scheduled for September but ministers have said they may meet earlier if they deem it necessary. Iran, OPEC’s second biggest producer, has often said it wants to see prices for OPEC’s basket of crudes in excess of $60 a barrel the equivalent of around $65 for US crude.

PIN/REUTERS