Iran says oil price too low at 115 dollars a barrel

Even at 115 dollars a barrel, oil is priced too low, Iranian President Mahmoud Ahmadinejad said in comments published on Saturday adding that the commodity “should find its real value”.

“Oil at 115 dollars a barrel in today’s market is a deceiving figure, oil is a strategic commodity and should find its real value,” the state broadcaster’s website quoted Ahmadinejad as saying on Friday.
Iranian Oil Minister Gholam Hossein Nozari, whose country is OPEC’s number-two oil producer and exporter, on Wednesday rejected calls from oil consuming countries for the cartel to take action to bring down prices.

“The oil price has reached 114 dollars a barrel. When the price is suitable and supply is higher than demand, this shows the reason is somewhere else and we should deal with this other reason,” he said.

AFP