Iran's Oil Minister Rostam Qassemi said he expects oil prices remain unchanged by the end of this winter.
"Demand and supply in the market determine the price of oil. Although at present the price has decreased due to political and economic developments, the present price seems to remain steady by the end of winter," Qassemi told reporters in a news conference on the sidelines of the15th International Conference on Technology and Innovation in Oil and Gas Industry which kicked off here Tuesday.
Brent crude has averaged over $111 this year and was traded over $109 a barrel on Monday.
Qassemi further pointed to the OPEC's upcoming meeting on December 14 at its headquarters in Vienna, Austria, and said that before the next meeting Iran will consult with members to reach a conclusion about the oil market.
Iran along with African countries and Venezuela, blocked a Saudi-led proposal to increase output targets at OPEC's last meeting on June 8, but Saudi Arabia, Kuwait and the United Arab Emirates boosted output unilaterally afterwards.