Iran's Oil Minister Gholam-Hossein Nozari has said that there is no reason for OPEC member states to pump more crude into the market.

"There is no reason for the Organization of Petroleum Exporting Countries (OPEC) to raise output as we are approaching the warm season," Nozari noted ahead of the next OPEC meeting in Vienna on Feb. 1.

"The global crude market is stable and there is sufficient supply in the market," the minister of the oil grouping's second largest producer said.

As the meeting of the 13-member organization, which supplies about 40 percent of the world's needs, is approaching, consuming countries have stepped up pressure on OPEC to increase production.

MK/FH/DT