TEHRAN Oil prices must be fixed on the basis of certain aspects related to the producers and consumers of the black gold, commented one analyst.

In the past, this God-given gift had been exploited by certain Western powers in their own interests.

"The U.S. is the main country that trades weapons for crude oil," she said, adding that "Washington creates tension in the region before starting the lucrative business of trading sophisticated weapons for crude oil."

"Just two years ago, oil producers suffered heavily due to the decline in oil prices," she recalled, referring to the years 1998 and 1999, when many countries, particularly developing countries, experienced economic crises.

According to the latest reports, there is once again a glut of crude oil in the international market and the members of the Organization of Petroleum Exporting Countries (OPEC) want to adopt specific measures to avoid unwanted developments.

Iranian Oil Minister Bijan Namdar Zangeneh called Sunday for OPEC to cut production at its March 16 meeting in Vienna, warning current stock levels could send prices crashing.

"Mr. Zangeneh is right and the OPEC members must cut their daily output to keep oil prices high," she said.

"If OPEC does not cut back its production at Friday's meeting, the excess production in the market will cause prices to plunge," Zangeneh said according to Islamic Republic of Iran Broadcasting (IRIB).

He said current output levels were putting some 2.6 million excess barrels on the market daily and also called for "more serious cooperation" between non-OPEC producers and the 11-member organization.

In Riyadh on Sunday, Saudi Oil Minister Ali al-Naimi and Mexican Energy Minister Ernesto Martens held talks aimed at formulating a joint stand with Venezuela ahead of Friday's OPEC meeting, where some cutbacks are expected.

Mexico is a key producer but does not belong to OPEC.