“Negotiations and consultations have begun with OPEC members and it is likely that an agreement could be reached between the members without holding any extraordinary meeting,” Alireza Nikzad-Rahbar said on Tuesday.

He added that members of the Organization of the Petroleum Exporting Countries are all unanimous on prices at $100 per barrel or higher.

“Under the present circumstances, $100 [per barrel] is a reasonable price for crude oil. Any price lower than $100 for a crude barrel would be definitely unreasonable,” he stated.

Nikzad-Rahbar said Iran would manage the oil market, adding that Tehran is closely monitoring the prices.

“Iran’s current crude oil production capacity stands at 4.2 million barrels per day and we are supplying as much oil as global market needs,” he added.

The Organization of Petroleum Exporting Countries (OPEC) is set to meet in Vienna on May 31.

On Tuesday, Brent crude fell below $100 a barrel after manufacturing data from the world’s largest oil consumer China hinted at recovery in the second quarter.