Iran Oil Minister Supports Measures for Restoring Oil Price Stability

Major oil producers are talking up the prospect of a production freeze … again.

The latest positive comments came from Iran on Tuesday. Oil minister Bijan Zanganeh said he “supports any potential measures aimed at restoring stability,” according to state-run Press TV.

Targeting a price of $55 per barrel was reasonable, Zanganeh was quoted as saying. It would “make oil production cost effective and beneficial for OPEC members,” while keeping pressure on the group’s rivals.

Boosting crude prices to that level would likely require major producers to freeze production, a goal that has eluded them in the wake of an epic price collapse that began in 2014.

An informal meeting between OPEC and other producing nations is set for the last week of September in Algeria. OPEC Secretary General Mohammed Barkindo, who has advocated a freeze, met Zanganeh for talks on Tuesday.

via CNN

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza