UPDATE: Iraqi Oil Min: No Need To Change OPEC Output

The Iraqi oil minister said Wednesday he doesn't see any need for the Organization of Petroleum Exporting Countries to alter its output levels.

"I don't think there is a need [for OPEC] to revise our previous decisions," said Hussein al-Shahristani ahead of this evening's OPEC meeting here.

Asked how Iraq views the current oil prices, Shahristani said "we are satisfied at the current price level, but we think there is a room for improvement."

He also said the second bidding round for Iraq's lucrative oil contracts will take place in the first half of December, and said the Rumaila contract that was agreed with a consortium of BP PLC (BP) and China National Petroleum Corp., should be signed "soon."

On the contract for the Nassiriyah oil field, Shahristani said discussions with the companies involved are yet to be completed. Italy's Eni SpA (E), Japan's Nippon Oil Corp. (5001.TO) and Spain's Repsol YPF SA (REP) have submitted bids to develop the field.

-By Hassan Hafidh, Dow Jones Newswires; [phone]; [e-mail]