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Middle East

Iran optimistic oil prices can rise

Associated Press
Published | Updated

TEHRAN, Iran – Iran's oil minister is saying $55 per barrel is achievable for crude if both OPEC and non-OPEC producers cooperate.

Bijan Zanganeh said Saturday on state TV, "If non-OPEC (producers) cooperate, I think we can reach around $55," per barrel.

Benchmark Brent crude rose to $46.86 per barrel on Friday.

"Signals I am receiving are increasing the possibility of reaching an agreement," said Zanganeh.

Speaking after meeting with visiting OPEC Secretary-General Mohammad Sanusi Barkindo, Zanganeh reiterated that his country will push for more production.

Iran has been trying to increase its production after the lifting of international sanctions over its nuclear program in January, and said it would only consider a ceiling once it starts producing its pre-sanctions volume of 4 million barrels per day. It currently produces 3.85 million.