"If the price jumps [to] around $70 ... it will motivate more production in shale oil in the United States," Zanganeh said.
Iran will press for carefully bringing back some of its own production, the WSJ cited Zanganeh as saying, adding the OPEC member currently pumps about 3.8 million barrels per day (bpd) and could produce about 100,000 bpd more. He did not say when Iran could raise its output.
(Reporting by Rania El Gamal; Editing by Mark Potter)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)