TEHRAN, Iran (AP) – Iran’s oil minister says his country would support any decision by the oil producing group of nations that seeks to stabilize the oil market, Iranian state TV reported on Tuesday.
The remarks by the minister, Bijan Namdar Zangeneh, came after talks with OPEC chief Mohammad Sanusi Barkindo on Tuesday in Tehran.
According to Zangeneh, most OPEC members want to see the price of crude oil at 50 to 60 dollars 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 is trying to regain its share of the global petroleum market after the removal of Western sanctions following Iran’s nuclear deal with world powers. It has said it will participate in talks on a possible production freeze after it reaches an output of 4 million barrels per day by April 2017.