Iran opposes hike in OPEC oil output, says market in "good situation"

The Iranian Oil Minister says his country is opposed to any crude output increase by the cartel in its September meeting in Vienna, Austria. Gholam Hossein Nozari was speaking to reporters in Tehran Tuesday on the sidelines of a petrochemical conference. He says market conditions at present are in a "good situation" and should be maintained heading toward winter. Iran is OPEC's second largest oil producer and is estimated to be No. 2 in terms of global natural gas reserves. Oil prices have been pushed up higher all year, partly because of the standoff between the West and Iran over its disputed nuclear program.