OPEC members will convene in Vienna, Austria on Thursday to discuss a plan to freeze oil production, two months after the previous attempt to freeze output at January levels failed when Saudi Arabia failed to back the deal.
"Everything is up for discussion, we can [discuss quotas]," Badri told reporters.
Earlier, Iranian Oil Minister Bijan Zangeneh said that the meeting will focus on negotiating a cap on output and the allocation of output quotas to OPEC members. He added that agreement is unlikely to be reached.
The slump in oil prices, which had been driven by a glut in global supplies, has mostly passed, according to Badri.
"The oil market is rallying, the price is increasing, I think that bad times, the bad period has been put behind," he said.
Global oil prices plunged from $115 to less than $30 per barrel between June 2014 and January 2016, hitting their lowest levels since 2003 amid the ongoing glut in global oil supply and causing significant problems for energy companies and oil-producing countries.
Prices have rebounded since January, gaining over 70 percent by May. By mid-May, the Brent crude benchmark approached the price of $50 per barrel. On Thursday, oil prices were largely unresponsive to the OPEC meeting.