Iranian Oil Minister Rostam Qasemi said Wednesday that crude price is unlikely to fall below 100 U.S. dollars per barrel and the downward trend has stopped, Press TV reported.

"Oil prices below 100 U.S. dollars per barrel is not reasonable ..." Qasemi told reporters on the sidelines of an oil and gas show in Tehran.

"We are monitoring oil price in the world markets and in case the price drops below 100 dollars, negotiations will be held with other OPEC members to hold an emergency meeting," said the Iranian minister.

Meanwhile, Iran's Oil Ministry Spokesman Alireza Nikzad-Rahbar said Wednesday that Iran favors oil price flowing between 100 and 120 dollars.

"Iran has strategic inventory of crude oil and aside from controlling the oil price, it is capable of managing the global market for this product," he said.

Nikzad-Rahbar said Iran can produce 4.2 million barrels per day of crude oil, noting that the country's current output is enough to meet global demand, according to the report.

The weekly OPEC basket price dropped to 102.28 dollars per barrel last week, hitting the lowest point in 17 weeks, the Vienna- based cartel said Monday. It is the second consecutive week of decrease in the OPEC basket price, which marked a sharp fall from 114.5 dollars in mid-February.

OPEC has revised down its forecast of 2013 world oil demand growth due to the weakness of the OECD (Organization for Economic Co-operation and Development) countries' oil consumption, according to its latest monthly report issued last week.