TEHRAN (Agencies) — Most OPEC members are in favor of a cut in oil output to combat excess supplies and to ensure prices stay above $60 a barrel, Iran's oil minister said on Tuesday, according to Reuters.

"Considering the considerable supply surplus over demand we are trying to cut production," Kazem Vaziri-Hamaneh was quoted as saying by the Oil Ministry's news Web site.

"Iran, like most OPEC members, does not consider an oil price of less than $60 a barrel as appropriate," he said before leaving for an OPEC meeting in the Nigerian capital Abuja.

Iran's OPEC governor Hossein Kazempur Ardebili said the Abuja meeting must take into account a number of factors weighing on oil prices such as plentiful U.S. oil stocks, slower-than-expected world economic growth, excess supply and projected increases in non-OPEC output.

Hasan Qabazard, OPEC's director of research, told Reuters on Monday that a narrow majority of OPEC members favored cutting production again at the Abuja meeting.

Meanwhile, AFP on Tuesday reported Emirati Oil Minister Mohammed al-Hamili as saying that OPEC will examine the impact of the falling dollar at its meeting this week in Abuja.

Hamili said the "strong" fall in the dollar against other major currencies was affecting the revenues of oil producers. OPEC will "examine this depreciation at its coming meetings ... if it continues," he said in Abu Dhabi.

In Abuja on Thursday, "OPEC will work to re-establish balance and stability on the oil market", he said on departure for Nigeria's federal capital, quoted by the official news agency WAM.

The United Arab Emirates minister said the market was faced with "a huge rise in strategic stocks in the world and a rise in volumes on offer, higher than demand".

External factors such as speculation and geopolitical factors were also to blame for price volatility, he said.

Also according to AFP in Kuwait City, Kuwaiti Energy Minister Sheikh Ali Jarrah al-Sabah said Tuesday OPEC countries were "satisfied" with the current price of oil but were concerned about stocks.

"I believe that OPEC members are satisfied with these prices, but we are afraid from the impacts of the (large) stocks," Sheikh Ali said before leaving to attend the OPEC meeting in Abuja.

"I think it’s early to decide about the cut. We must meet and exchange views with other members. We, as Kuwait, are more concerned to have a stable market where there are no sharp fluctuations," in prices, he said.

At its last meeting in Qatar in October, the Organization of Petroleum Exporting Countries approved a cut in its output quota of 1.2 million barrels a day to stem falling prices, which have dropped from above 78 dollars in July.