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Iranian Minister Says Tehran Backs OPEC Moves Toward Stability


Iran's oil minister says Tehran would support any decision by OPEC that would add stability to the international oil market.

Bijan Namdar Zangeneh made his comments on September 6 after talks in Tehran with OPEC head Mohammad Sanusi Barkindo, Iranian state TV reported.

Zangeneh said most members of OPEC want the price of crude oil to be between $50 and $60 per barrel.

"This price makes production of oil by OPEC members profitable, economical, and useful, while preventing the rivals from raising their output," he said.

Iran has thus far refused calls by some OPEC members and Russia for a freeze on oil production.

Iranian officials have said Tehran would take part in talks on a possible production freeze after it reaches a 4 million barrel per day output, which it expects to reach in April 2017.

Iran used to produce some 4.2 million barrels of oil per day in the late 2000s, before international sanctions over its controversial nuclear program were imposed.

Most of those oil-related sanctions were removed in January.

Iran currently products some 3.6 million barrels of oil per day.

Based on reporting by AP and ft.com
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