Iranian Oil Minister Rostam Qasemi has said that $ 100 per barrel of oil is a fair price.

In an interview with the Mehr News Agency, Qasemi said that if the oil price remains over $ 100, there will be no need for the Organization of Petroleum Exporting Countries (OPEC) to hold crisis meetings.

'In the 161st meeting of OPEC it was agreed if oil prices fall below $ 100 per barrel it means that prices are in crisis, so we have urged secretary general of OPEC...to make preparations for holding an emergency meeting,' Qasemi told the Shana News Agency on July 9.

Qasemi warned that if OPEC members failed to comply with the agreed production ceiling of 30 million barrels per day this would disrupt balance in the oil markets.

'If OPEC members don’t observe the agreed production ceiling, disorder will follow in the oil markets,' he said.

In its most recent meeting in mid-June, OPEC agreed to adhere to the collective limit, implying a 1.6 million bpd cut from the actual supply for 12 members of 31.5 million.

Brent crude oil fell to near $ 106 per barrel on Monday as worries were lifted of the U.S. and EU stimulus not being sufficient.

Supply from the 12-member OPEC fell by 450,000 barrels per day (bpd) in July to 31.18 million bpd, a Reuters survey showed, as Western sanctions further cut supply from Iran and due to reduced shipments from Angola, Saudi Arabia and Libya.