"Current prices are acceptable for both consumers and producers, and we do not see any impact of the Europe debt crisis on global oil prices," Al-Shahristani said.
Al-Shahristani, a former oil minister who oversees Iraq's growing oil sector, told Reuters there were indications global demand for oil is increasing despite the debt crisis.
"Currently oil supply and demand are balanced and we noticed a gradual increase in demand since last year and we expect the increase to continue," Al-Shahristani said.
"I can't see a need for OPEC to decide on a production cut at its next meeting, and I think current output levels are meeting global demand," he said.
OPEC is scheduled to meet on Dec. 14 at its Vienna headquarters.
Iraq, seeking to ramp up its production capacity to rival global leaders, has boosted its output to 2.9 million barrels per day this year.
Brent crude rose above $110 on Monday, and US crude was valued above $88.
