Oil Minister Hussain al-Shahristani told The Associated Press on Monday that prices are at satisfactory levels and he does not expect OPEC to make changes to output during its meeting next month.
The 11-member Organisation of the Petroleum Exporting Countries will instead discuss disappointing member compliance with output targets.
Al-Shahristani made the comments a few hours after benchmark crude for March delivery traded at about $80.32 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange.
OPEC announced a series of production cuts in the second half of 2008 that lowered oil output by 4.2 million barrels per day. The next OPEC meeting is set for March 17.