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