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Sunday, May 7, 2017

Iran says $55 oil price suitable, sees supply cut extension

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Iran says $55 oil price suitable, sees supply cut extensionIran sees $55 per barrel as a suitable price for crude oil, and believes that OPEC and non-OPEC producers are likely to extend output curbs to support prices, Iranian Oil Minister Bijan Zanganeh was quoted as saying on Saturday. “The price range of $55 per barrel would be suitable for oil,” Zanganeh said, according to the oil ministry’s news website SHANA. Oil prices closed higher on Friday, rebounding from five-month lows, following positive U.S. jobs data and assurances by Saudi Arabia that Russia is ready to join OPEC in extending supply cuts to reduce a persistent glut.

May 07, 2017 at 08:24PM

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