Tehran, November 15:

Iran, the number-two member of Organisation of Petroleum Exporting Countries (OPEC) exporter, today spoke out against any hike in the cartel’s output, saying there was enough oil in the market despite record prices approaching $100 per barrel.

“All the evidence shows there is enough oil in the world’s oil market and increasing OPEC’s production quota will not have an impact on the global oil price,” oil minister Gholam Hossein Nozari said.

Nozari, who was leaving Tehran for an OPEC heads of state summit in Riyadh starting from this Saturday, blamed ‘depreciation of the value of the dollar’ as one of the most important reasons for the sky-rocketing oil prices.