April 11, 2018 / 7:40 AM / a year ago

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

Iran's Oil Minister Bijan Zangeneh talks to journalists during a meeting of OPEC oil ministers in Vienna, Austria, December 4, 2015. REUTERS/Heinz-Peter Bader/File Photo

NEW DELHI (Reuters) - Iranian Oil Minister Bijan Zangeneh said on Wednesday that $60 a barrel is a good price for oil 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 oil trading at $70 a barrel were too high, Zangeneh answered, “Yes.”

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

Editing by Christian Schmollinger

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