Iran says $55 oil price suitable, sees supply cut extension
Iran sees $55 per barrel as a suitable price for crude oil, and believes that OPEC and non-OPEC producers are likely to extend output curbs to support prices, Iranian Oil Minister Bijan Zanganeh was quoted as saying on Saturday. “The price range of $55 per barrel would be suitable for oil,” Zanganeh said, according to the oil ministry’s news website SHANA. Oil prices closed higher on Friday, rebounding from five-month lows, following positive U.S. jobs data and assurances by Saudi Arabia that Russia is ready to join OPEC in extending supply cuts to reduce a persistent glut.
Source:: http://finance.yahoo.com/news/iran-says-55-oil-price-052656167.html
