Iran wants oil barrel to cost $80

The drop in oil prices in the global market has been causing heavy damage to the Iranian economy in the past few months. According to Iranian Oil Minister Gholam-Hossein Nozari, this ongoing trend may badly damage the local oil industry.

In an interview to television network al-Alam, the minister stated that his country’s goal was to see an oil barrel sold for about $80, compared to $40-50 in the past few weeks.

“If we want to be able to continue developing the Iranian oil fields, the price of an oil barrel must range between $75-80,” Nozari said.
Ynetnews