Iran: $55 oil price suitable

Iran sees $55 per barrel as a suitable price for crude oil and believes that the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers are likely to extend output curbs to support prices, Iranian Oil Minister Bijan Zanganeh was quoted as saying on Saturday.
“The price range of $55 per barrel would be suitable for oil,” Zanganeh said, according to the Oil Ministry’s news website SHANA.
Oil prices closed higher on Friday, rebounding from five-month lows, following positive US jobs data and assurances by Saudi Arabia that Russia is ready to join OPEC in extending supply cuts to reduce a persistent glut.
Zanganeh said OPEC members have signaled that they are leaning toward extending the supply cuts, SHANA reported.
“I think non-OPEC oil producers will also second (an) extension of the plan,” said Zanganeh, speaking on the sidelines of an energy fair in Tehran.
OPEC and non-OPEC ministers are due to meet on May 25. They appear likely to extend their agreement to limit supplies beyond its June expiry to help clear a glut, three OPEC delegates said on Thursday, downplaying the chance of additional steps such as a bigger cut.
Iraq’s oil exports
Iraq’s daily oil exports averaged 3.252 million barrels per day (bpd) in April, down slightly from 3.259 million bpd the previous month, an Oil Ministry spokesman said.
Iraq shipped 3.230 million bpd from its southern Basra terminals and 22,000 barrels a day were exported from the northern Kirkuk oilfields, Asim Jihad said.
Iraq generated $4.6 billion and sold its oil for $47.275 a barrel, the spokesman said. The volumes announced cover all exports made by state-run oil marketer State Organization for Marketing of Oil (SOMO) from the southern ports on the Gulf and from the Turkish terminal of Ceyhan on the Mediterranean, it said.

Source: Arab News