Iran official says $100 oil price ”appropriate”

TEHRAN (Reuters) – Iran’s OPEC governor said an oil price of $100 per barrel was “appropriate” in current conditions, the Oil Ministry’s news agency Shana reported on Friday.

The oil minister of the world’s fourth-largest crude producer had said earlier in the week that $100 a barrel was the lowest appropriate price. Crude CLc1 has tumbled from a record $147 in July and was trading on Friday at below $107.

OPEC governor Mohammad Ali Khatibi, speaking four days before a ministerial OPEC meeting in Vienna, also reiterated Iran’s view that OPEC members should cut output to their agreed targets so that oversupply on the market was reduced.

Reuters