| Iran's Oil Minister Bijan Namdar Zanganeh says most of the Organization of Petroleum Exporting Countries (OPEC) members believe $70 to $80 per barrel for crude would be a "fair" price, compared to the recent weakness in prices which has seen U.S. crude dip below $40 per barrel, Bloomberg reports.
However, a global glut of oil, which contributed to oil's price sink, appears to see little relief as Iran commits itself to ramping up production in the run up to a lifting of sanctions against the country, and U.S. shale gas producers also making a return. "Some OPEC members believed last year that lower prices could push expensive oil from the market," said Zanganeh...............................................Full Article: Source
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