Crude Suppliers Content with Oil Prices at $55-60/b: Iran

TEHRAN, Jan. 30 (Shana) — Iranian Minister of Petroleum Bijan Zangeneh said crude oil suppliers are content with the price of oil in the range of 55 to 60 dollars a barrel, adding the market is moving towards restoration of supply-demand balance.

Asked whether the upward trend of oil prices will continue, Zangeneh said, “It cannot be said for sure that the upward trend will continue, and no one has had such an expectation; most of the estimates indicate that the price of oil will be fixed at around $55/b, but these are just forecasts and things may change over time.”

Asked about tenders for developing oil fields, Zangeneh said preparations for arranging the tenders are under way and the list of qualified companies has been produced for inviting them to the tenders.

“The Indian company is required to modify the proposal; but at the same time we are considering a second plan and the Indians would not have much time.”