Sabotage to Iraqi oil facilities continues to restrain output; wartime damage could cost another $2 billion to repair, he said.
OPEC's deal to restrain output is to expire in March, but several members have already said they want to keep the cuts in place.
"How can they expect Iran to co-operate now and pay the price?" Venezuelan oil minister Eulogio del Pino, Iraqi oil minister Adel andel-Mahdi and Qatari energy minister Mohammad bin Saleh al-Sada were due to travel to Tehran for talks with their Iranian counterpart Bijan Zanganeh on Wednesday in a bid to reach a deal to restrain output and prop up sagging prices.
Iran has signalled it will take a tough line in talks among oil producers on restraining production, saying it would continue increasing its output until it reached levels seen before international sanctions were imposed.
Iran had signalled long before this weekend's meeting that it would take a tough line on restraining production, given that it wants to continue increasing output to get back to levels seen before international sanctions were imposed.
But it's still just one part of the puzzle — ultimately, if others restrain production in the face of higher US output, the impact on gas prices can be small.
This restrains the output of credit-intensive companies and dynamic, new firms.
The market's driving force yesterday was a jump in the ailing oil price after Gulf producers banded together to restrain their output.
In practice, owing to capacity constraints, financial constraints and cautious responses to uncertainty in the world, the firm often restrains the output, advertisement expenses, research cost etc. to confine the range of these variables' fluctuation.
But prices have stabilized at about $21 a barrel, and Mr. Khelil said OPEC was determined to nudge them up to $25 a barrel by reducing output and restraining the rampant overproduction among its members.
