Iran believes oil prices could reach $ 55 a barrel

A worker checks the valves at Al-Sheiba oil refinery in the city of Basra, IraqA worker checks the valves at Al-Sheiba oil refinery in the city of Basra, Iraq,Photo: REUTERS/Essam Al-Sudani/File Photo

Iran’s oil minister believes oil prices of $ 55 a barrel is possible if both OPEC members and countries outside the organization collaborating on production cuts.

Oil Minister Bijan Zanganeh said to state Iranian television after a meeting with OPEC Secretary General Mohammad Sanusi Barkindo.

Without naming any country, he stated that other oil producers should make an effort to achieve a better oil price.

– The countries that had increased production in recent years, have more responsibility for improving market, the minister said, and added:

– Everyone is concerned about the declining investments in the oil industry in recent years, a trend that will have negative consequences in the future.

OPEC will have a meeting later in November, and Zanganeh says he has received no signals suggesting that the possibility of an agreement to limit production increases.

Iran, which has recently been raised a number of sanctions after the nuclear deal was in place, however, will continue to increase its own oil production, said the minister.
North Sea Brent oil was sold for $ 46.9 a barrel on Friday.

 

Source: NTB scanpix / Norway Today

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