Iran to support oil price raise

Iran has said it will support any move by the Organisation of Oil Producing Countries (Opec) to raise crude oil prices.

    Iran is one of the world's largest oil exporters

    "The Islamic republic of Iran supports any effort by Opec members to strengthen the oil market and return oil prices to an acceptable and logical level," Hossein Kazempour Ardebili told Irna, Iran's official news agency, on Sunday.

     

    He did not say what an acceptable level was.

     

    Oil prices have tumbled from a mid-July peak of nearly $80 a barrel to just under $63.

     

    Analysts say that the fall in value is due to a range of factors, including an increase in US oil stocks and slower-than-expected global economic growth.

     

    Kazem Vaziri-Hamaneh, Iran's oil minister, said last month that he wanted to see Opec's basket of crude hold above $60 a barrel, which would equate to about $65 a barrel for US crude.

     

    "Some Opec members, by decreasing production, are trying to prevent the slide of oil prices," Kazempour Ardebili said.


    Nigeria and Venezuela, both Opec members, have recently pledged to cut production in order to push up prices.

    SOURCE: Reuters


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