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Last Updated : 16 March 2010 at 17:55 IST

Iran urges OPEC not to change oil output target

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TEHRAN (Commodity Online): Iran’s oil Minister Masoud Mirkazemi on Monday said that the oil cartel OPEC should not change the oil output target from its current level in its forthcoming meeting in Vienna.

Iran not intended to increase its oil output and the price would remain at around $80 per barrel this year, Mirkazemi was quoted by SHANA news agency.

Mirkazemi's remarks come as the 12-member group, which supplies about a third of the world's crude, is set to meet 17th March 2010.

Mirkazemi said that OPEC members should push for greater compliance with their existing output quotas, citing an oversupply of oil in the world.

OPEC is meeting on Wednesday in Vienna and oil analysts forecast it will keep its official quota at 24.84 million barrels a day.