SHANA -- Iranian Minister of Petroleum Bijan Zangeneh stressed the current supply-demand balance in the oil market, saying: �Someone needs to tell me, why we should increase production when the market is already in balance.�

Speaking to reporters prior to the OPEC technical ministerial committee in Vienna on Thursday to review compliance with the OPEC-non-OPEC output cut agreement, the official said: �There are no signs of a supply shortage in the market.�

Asked whether Iran had endorsed a proposal to jack up its crude output, Mr. Zangeneh said: �I have not approved of anything; Iran does not agree with an oil production increase at the upcoming 174th OPEC meeting.�