Iran says oil under 100 dollars is ‘unsuitable’

TEHRAN: Iranian Oil Minister Gholam Hossiein Nozari said on Saturday that a price of under 100 dollars for a barrel of crude oil is “unsuitable.”

“An oil price of less than 100 dollars is unsuitable for anyone, either for producers or for consumers,” Nozari told reporters on the sidelines of a gas export conference.

The minister did not elaborate. “Unfortunately despite decrease in oil prices we have not seen any signs of a decrease in the costs” of oil production, he added. Asked for a forecast on prices, he said there had recently been such wild fluctuations that “five to 10 dollars up or down can not be analysed.”

Saturday, AFP