Iran said on Tuesday Opec would inject more crude oil to the market if it was needed, the official IRNA news agency quoted Javad Yarjani, head of Opec affairs at Iran's Oil Ministry as saying. "In case the oil market needs it, Opec will inject more oil into it," Yarjani said.
Opec is next due to meet in Vienna in September. Oil prices fell for a third day on Tuesday, on expectations of rising fuel stockpiles in the United States and after Opec vowed to pump more crude if needed.
London Brent crude currently seen as more representative of the world market, eased 16 cents to $76.70 a barrel by 0756 GMT, after falling 78 cents on Monday. US crude slid 26 cents to $74.63 after a 90-cent slide on Monday.
A high-ranking official from Opec's research division also said a fair price for both oil producers and consumers for a barrel of oil would be around $60 to $65 a barrel. However, Yarjani said "the comment did not mean that Opec would change its production in order to reach that price range."
"What the official meant was that this price range was a proper price for consumers, producers and oil investors," he said. Opec countries, including Iran, have repeatedly said the oil market does not lack crude and have blamed the surge in prices on inadequate refining capacity, political issues and other factors. "The increase in the price of oil is not due to a physical shortage ... it is because of a shortage in oil refining capacity around the globe," Yarjani said.