$55/b, Suitable Oil Price: Iran

Speaking to reporters on the sidelines of the 22nd Iran International Oil, Gas, Refining and Petrochemical Exhibition (Iran Oil Show-2017) on Saturday, Bijan Zangeneh said, “Iran has no trouble exporting and marketing its crude oil output; the price range of $55 per barrel would be suitable for oil.”

He said Iran has no trouble exporting or marketing its crude oil thanks to the landmark deal it struck with the P5+1 group of countries over its nuclear program. 

“The deal enlivened Iran’s oil exports,” he said.  

He said members of the Organization of Petroleum Exporting Countries (OPEC) have signaled that they are inclined towards extension of the body’s output cut plan.

“I think non-OPEC oil producers will also second extension of the plan,” the official said.