Business | Oil & Gas
$100 oil price appropriate, says Iranian official
Iran's OPEC governor said an oil price of $100 per barrel was "appropriate" in current conditions, the Oil Ministry's news agency Shana reported on Friday.
- Agencies
- Published: 13:28 September 5, 2008
Tehran: Iran's OPEC governor said an oil price of $100 per barrel was "appropriate" in current conditions, the Oil Ministry's news agency Shana reported on Friday.
Crude has tumbled from a record $147 in July and was trading on Friday at below $107.
OPEC governor Mohammad Ali Khatibi also reiterated Iran's view that OPEC members should cut output to their agreed targets so that oversupply on the market was reduced.
"The $100 per barrel price, in the current conditions, is appropriate," Shana quoted him as saying.
Khatibi added that the price "should change based on conditions and expenses that are created in the future."
Khatibi earlier this week said OPEC may need to cut oil supplies by as much 5 per cent, to balance global markets by early next year.
"If this OPEC decision leads to stability in the market there is no need for any other action. Otherwise OPEC should make new decisions," Khatibi said without elaborating.
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