The following is an excerpt from Arsalan Shahla | May 6, 2018 | Bloomberg.com |
Iran, faced with a possible restoration of U.S. sanctions, came out against higher oil prices, signaling a split with fellow OPEC member Saudi Arabia, which is showing a willingness to keep tightening crude markets.
A “suitable price” for crude is $60 to $65 a barrel, Amir Hossein Zamaninia, deputy oil minister for international and commercial affairs, said in an interview Sunday in Tehran. Oil Minister Bijan Namdar Zanganeh said earlier in the day that Iran supports “reasonable” oil prices and is not an advocate of costlier crude.
Brent crude futures surged to almost $75 a barrel on Friday as traders braced for the possible re-imposition of U.S. restrictions on Iran. The Persian Gulf country’s regional arch-rival Saudi Arabia is said to want crude closer to $80 a barrel, in part to support a stake sale in state energy giant Aramco. The OPEC nations continue to clash in proxy conflicts from Syria to Yemen.
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