Iran in talks with OPEC members over crude price: Iran official

Iran Oil Ministry spokesman says Tehran is discussing falling crude oil prices with all OPEC member states particularly Saudi Arabia, reiterating that prices below USD 100 a barrel would be unreasonable.

“Negotiations and consultations have begun with OPEC members and it is likely that an agreement could be reached between the members without holding any extraordinary meeting,” Alireza Nikzad-Rahbar said on Tuesday.

He added that members of the Organization of the Petroleum Exporting Countries are all unanimous on an oil price of USD 100 per barrel or higher.

“Under the present circumstances, USD 100 [per barrel] is a reasonable price for crude oil. Any price lower than USD 100 for a crude barrel would be definitely unreasonable,” he stated.

Nikzad-Rahbar said Iran is managing the oil market, adding that Tehran is closely monitoring the prices.

“Iran’s current crude oil production capacity stands at 4.2 million barrels per day and we are supplying as much oil as global market need,” he added.

OPEC’s next ministerial meeting is scheduled to be held in Vienna on May 31.

On Tuesday, Brent crude fell below USD 100 a barrel after manufacturing data from the world’s largest oil consumer China hinted at recovery in the second quarter.