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Iran sees $55 per barrel as a suitable price for crude oil

“The price range of $55 per barrel would be suitable for oil,” Zanganeh said, according to the oil ministry’s news website SHANA.

“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.
REUTERS/Raheb Homavandi/File PhotoDUBAI (Reuters) – Iran sees $55 per barrel as a suitable price for crude oil, and believes that 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.
FILE PHOTO : A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Gulf July 25, 2005.
Oil prices closed higher on Friday, rebounding from five-month lows, following positive U.S. jobs data and assurances by Saudi Arabia that Russia is ready to join OPEC in extending supply cuts to reduce a persistent glut.

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Iran says $55 oil price suitable, sees supply cut extension

oil price

“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.
DUBAI Iran sees $55 per barrel as a suitable price for crude oil, and believes that 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.
(Reporting by Dubai newsroom; Editing by Keith Weir)This story has not been edited by Firstpost staff and is generated by auto-feed.
Zanganeh said members of the Organization of the Petroleum Exporting Countries (OPEC) have signaled that they are leaning towards extending the supply cuts, SHANA reported.
Brent futures gained 72 cents, or 1.5 percent, to settle at $49.10 a barrel.

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Asda and Morrisons cut petrol prices as oil price plummets

oil price

Morrisons and Asda have cut the price of petrol for the second time in a week amid a supermarket price war prompted by sharp falls in the underlying price of crude.
Cheaper petrol prices will bring welcome relief to household budgets hit hard by rising inflation in recent months.
Early on Friday Morrisons leapfrogged Asda to offer the cheapest petrol price among the major supermarket operators, capping unleaded at 112.9p and diesel at 113.9p.
The average petrol price jumped from a low of 101p in February 2016 to 120p in March 2017, and has been a central factor in pushing up the consumer price index.
Hours later Asda responded with a cut to 112.7p for both unleaded and diesel.

 

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