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Iran wants oil prices in the range of $70-$80/barrel

FXStreet (Mumbai) - Iran’s Oil Minister Bijan Namdar Zanganeh on Monday asked OPEC to cut output in order to push prices higher to a range of $70-$80/barrel.

“No one is happy” with prices at current levels, OPEC should decide to manage the market by reducing the level of production.” Zanganeh told reporters in Tehran. However, he also stated that OPEC is unlikely to scale back its output in its December meeting.

Meanwhile, Roknoddin Javadi, managing director of state-run National Iranian Oil Co, said Iranian oil supplies could rise by 500,000 barrels a day within a week after the removal of sanctions.

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