VIENNA, Austria -- There is too much crude on global oil markets, senior oil officials from Iran and Libya said Monday, and added that OPEC was reviewing supply levels, according to The Associated Press.

Energy officials representing members of the Organization of the Petroleum Exporting Countries arrived in Vienna where they will discuss production levels and global demand.

Oil prices have fallen 26 percent from their highs of $147 a barrel and Iran, the group's No. 2 producer, has become one of the most vocal proponent of tightening the oil spigots.