Oil minister said the fall in crude prices would be stemmed soon.
The fall of crude prices will stop soon, said Masoud Mirkazemi citing various reasons for this including US unilateral sanctions and profit-seeking policies, Mehr News Agency reported.
"Increase of oil inventories in consuming countries and the value of US dollar will have an impact on oil prices. With the weakening of the US dollar, oil prices will rise," he said.
Iran holds the one-year presidency of the Organization of the Petroleum Exporting Countries, the group of 12 nations that supply almost a third of the world's oil.
Despite the loss of Libyan production and rising prices, OPEC has maintained there is no shortage of crude and thus no need for any increase in the group's official production target.
OPEC has not officially changed its oil production policy in more than two years. It meets on June 8 in Vienna.
Oil fell last week by as much as 10 percent on concern about the strength of the global economic recovery but have clawed back some of the losses this week.
OPEC's reference crude oil basket price rose further to $111.48 a barrel on Tuesday from $108.08 the previous day, OPEC said on Wednesday.
Iran is OPEC's second largest crude exporter, and holds the world's second largest gas reserves after Russia.
