“The market is well supplied,” Nozari was quoted as saying on the sidelines of a petrochemical conference in Tehran.

In a regular meeting scheduled for September 9, the members of OPEC will discuss output policy.

“Since in September we will be approaching winter, preserving the current situation is the most appropriate decision,” Nozari said.

Iran is the fourth largest oil exporter in the world and ranks second in output among OPEC members.

Nozari’s comment came as world oil prices rebounded Tuesday amid concerns that an impending hurricane, according to US forecasts, might hit the Gulf of Mexico which houses substantial number of oil refineries. (Xinhua)