"Given the (ongoing) circumstances, OPEC will not hike its output", Iranian Oil Minister Seyed Masoud Mirkazemi told reporters in his first press conference after taking the post in the new cabinet.
"Another issue which is important for OPEC is the economic meltdown and the fact that oil consumption is not ascending during the recession period", Mirkazemi said.
Iran's belief is based on a number of factors, including Russia's decision to increase output as well as the current weak status of the dollar.
