Iranian oil minister says OPEC strains solvable

Iran's oil minister is acknowledging strains within OPEC after its last meeting broke up in disarray, but says the organisation can solve them internally.

Mohammad Aliabadi's comments come after OPEC was unable to reach a unified decision earlier this month on whether to keep levels steady or raise them.

Iran, which holds the OPEC rotating presidency, wants to keep output steady and supplies tight. The Saudis wanted the meeting to decide to increase levels - and they and their Gulf allies have since moved to increase production by themselves, shattering the image of OPEC unity.

The rift appeared in part to be political between the two Middle East rivals. But OPEC Secretary General Abdullah Al-Badri said Monday, outside OPEC and EU talks, that any differences were purely over production policy.

- AP