Iran Oil Min: OPEC Oil Price To Stay Above $40/Bbl

Iran expects OPEC’s reference basket oil price to ” definitely” stay above $40 a barrel, its oil minister said Sunday.

Bijan Namdar Zanganeh told state-run TV that oil prices will remain high “for some time”, and may even stay above $50/bbl. He didn’t specify a time frame.

The Organization of Petroleum Exporting Countries’ reference basket of 11 crude oils stood at $51.23 a barrel Thursday.
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