Iran: $50 to $60 is a Suitable Price for a Barrel of Oil

Bijan Zanganeh, the Minister of Oil of the Islamic Republic, says that "$50 to $60" per barrel is the "preferred price for most OPEC members" for the organization's oil basket. According to the Shana news agency, affiliated with the Ministry of Oil, Mr. Zanganeh stated on Tuesday, September 6, after meeting with the Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) in Tehran, that "a $55 oil price is suitable" because "this price makes oil production economically viable and beneficial for OPEC members while preventing their competitors from increasing production." The Iranian Oil Minister also emphasized that the Islamic Republic supports "any decision" to restore stability to the oil market. Oil prices in global markets rose to nearly $115 per barrel about two years ago but fell to $27 in the past year, although they are currently close to $50. Reuters reported that OPEC members are set to meet on the sidelines of the World Energy Congress, which will be held from September 27 to 29 in Algeria. Discussions are expected to focus on the "oil freeze" plan. The oil production stabilization meeting or "oil freeze" was held on April 17 in Doha, Qatar, with the participation of several oil-producing countries and without Iran. Iran claims it wants to restore its oil production and exports to pre-sanction levels.