Iran oil minister not ruling out hike in output

Tehran: Iran is capable of producing more oil to meet international oil market's demand but is committed to Opec's decision on output change, the oil minister said on Saturday.

Ministers of the Organization of Petroleum Exporting Counties (Opec) are due to meet in Abu Dhabi on December 5 to discuss raising output.

"We believe there is enough oil in the market but if statistics and data show there is a need to produce more we are capable of meeting the demand," said Oil Minister Gholamhossein Nozari.

Many Opec members have said that the production of more crude oil would be unlikely to tame a rally fuelled by speculation and political tension.