"I don't know what will happen in the OPEC meeting, but we are open to discuss and decide (on output)," Bijan Zanganeh, Iranian Oil Minister said.
OPEC is meeting in Vienna on June 15. Iran, OPEC's second largest oil producer said, "based on fundamentals, there is no need to increase output. The reality is that we cannot produce more".
"I don't think anyone (OPEC member) wants to produce more. If they wanted they won't need OPEC's permission," the Iranian Oil Minister said.
Asked about the outlook of oil prices, he said," I don't know what will happen in market but we are producing, I think, close to the highest level".
To a query on what was prompting oil price surge, he said, "The market determines the prices and not us producers. I think the main concern with the market is dependence on (utilisation of) excess capacity.
"That is the concern in the market that we have shortage of excess capacity," the Iranian Minister said. Asked what steps were needed to be taken to cool off the high oil prices, he said oil producers should concentrate on capacity building.
Output cut or hike only affected psychological factors, he said. "We are satisfying the psychological side of market with some of our behaviour and not the basic fundamentals of the market," he said.
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