TEHRAN, Iran – Iran's oil minister says his country would support any decision by the oil producing group of nations that seeks to stabilize the oil market.
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Iranian state TV is quoting Bijan Namdar Zangeneh as saying after talks with OPEC chief Mohammad Sanusi Barkindo on Tuesday in Tehran that most OPEC members want to see the price of crude oil at 50 to 60 dollars per barrel.
Zangeneh says "this price makes production of oil by OPEC members profitable, economical and useful, while preventing the rivals from raising their output."
Iran is trying to regain its share of the global petroleum market after the removal of Western sanctions. It has said it will participate in talks on a possible production freeze after it reaches an output of 4 million barrel per day.