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Iran's oil minister says $60 is a good price for crude oil

Reuters  |  NEW DELHI 

By Nidhi Verma

NEW DELHI (Reuters) - Iranian Minister said on Wednesday that $60 a barrel is a good price for currently as the market should avoid volatility.

"I believe in this situation around 60 (dollars per barrel) is a good price," said Zangeneh, who was attending the International Energy Forum.

"I think we should look at the market not for short-term, long-term, mid-term is important for us," he said. "It is very important for producers and consumers not to have volatility in the market."

When asked if global benchmark Brent trading at $70 a barrel were too high, Zangeneh answered, "Yes."

Zangeneh added that he hopes and can finalise the main issue on the development of the Farzad B in the next two months.

(Editing by Christian Schmollinger)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, April 11 2018. 12:58 IST