(RTTNews) - Iranian Oil Minister Gholam Hossein Nozari said Monday that the Organization of Petroleum Exporting Countries (OPEC) was oversupplying the market, and he would advocate a fair oil price at the upcoming meeting of the cartel Tuesday in Vienna.

Nozari said the costs of oil production have increased nearly 25-30 percent, while oil-exporting countries face declining prices. He warned that if the current declining trend in oil prices continues, it will paralyze some producers due to the high cost of maintaining oil production facilities.

Tehran, which has been the most vocal proponent of tightening OPEC’s oil spigots, has backed calls for greater compliance with the oil cartel’s production targets for reducing output from the 13-member group. Even if the oil ministers decide to reduce output, however, any cutback is expected to be relatively small.

At present, OPEC is believed to be pumping more than one million barrels more than its quota of 29.67 million barrels per day (bpd), with Saudi Arabia providing most of the extra oil.

“We will review the market and then decide,” said Nozari when asked about whether an official production cut would be approved Tuesday.

Nozari spoke Monday against a backdrop of oil prices that have fallen nearly 30 percent from the all-time high of $147.27 per barrel recorded July 11. On the New York Mercantile Exchange Monday the price was only $107.58 per barrel.

Iran’s OPEC Governor, Mohammad Ali Khatibi, has also voiced concern about excess supply of oil, and has asked OPEC members to stick to their production quotas. He said that Tuesday, the oil cartel must stress the importance of a reduction in oil production.

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