TEHRAN, Sept. 2 (UPI) -- Iran's oil minister Tuesday said the Organization of Petroleum Exporting Countries should discuss reining in excessive oil production.
"Some OPEC members are providing the market with excess supply and producing more than their OPEC quota," said Iranian Oil Minister Gholam Hossein Nozari, the Fars New Agency reported.
"Excess supply of oil affected prices in market and it is not only Saudi Arabia that has excess supply," said Nozari, who called $100 per barrel a "minimum" price for a barrel of oil.
Crude oil prices peaked July 11 at more than $147 per barrel but have declined in the past eight weeks, hitting $108.29 per barrel Tuesday on the New York Mercantile Exchange.
Oil ministers from OPEC meet Sept. 9 in Austria.
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