Jan. 9 (Bloomberg) -- Iranian Oil Minister Gholamhossein Nozari said he expects oil prices to go ``well beyond'' $100 a barrel, the state-run news service IRNA reported.

The oil market is well supplied, Nozari said in Tehran today, blaming fluctuating prices on the depreciation of the U.S. dollar, speculators and ``climatic conditions,'' IRNA reported.

Iran is the second-largest producer of the 13-member Organization of Petroleum Exporting Countries, after Saudi Arabia. The group will meet on Feb. 1 to discuss production targets, at its headquarters in Vienna.

To contact the reporter on this story: Maher Chmaytelli in Cyprus at mchmaytelli@bloomberg.net

Last Updated: January 9, 2008 11:07 EST