LOC23:07
20:07 GMT
TEHRAN, Feb 22 (KUNA) -- Iran's Oil Minister Bijan Zanganeh has stated that oil price rise to more than USD 60 per barrels would not be good for member states of the Organization of Petroleum Exporting Countries (OPEC).
Oil price increase to over USD 60 pb would lead to new cycle of price deterioration on the short run, he warned in statements carried by the Iranian news agency (IRNA) Wednesday.
He argued that a price rise would encourage non-OPEC oil producers to boost their production and increase supplies on global market.
In this regard, he referred to the international projections about a surge in American crude production.
Zanganeh said that Russia would cooperate with OPEC to improve oil prices through cutting production by 300,000 barrels a day. (end)
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