TEHRAN -- OPEC needs to reconsider crude supplies to the market as its excessive supply has led to the drop of oil prices, Iran's Oil Minister Bijan Zangeneh told Press TV on Wednesday.
"It's very clear that we have oversupply in the market and this oversupply puts pressure on prices," Zangeneh said, adding that the issue requires "appropriate decision" by OPEC.
Zangeneh's remarks came as OPEC member states are scheduled to meet in the Austrian capital Vienna on Friday.
"It is now our responsibility to review this situation and to take an appropriate decision for balancing the market, but it depends on consensus among all OPEC members," he was quoted as saying.
Iran has criticized some oil exporting countries for flooding the market with crude products.
OPEC currently supplies 30 million barrels of crude oil per day to the global market. Iran is planning for a post-sanction period to regain its share in a market, after its oil produce has fallen by 60 percent to one million barrels a day due to western sanctions on its energy and financial sectors.
