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OPEC Members not keen on Oil Price Hikes above $60/b: Iran

(Tuesday, January 09, 2018) 12:27

TEHRAN, Jan. 09 (Shana) – Iranian Minister of Petroleum Bijan Zangeneh said, "Members of the Organization of the Petroleum Exporting Countries (OPEC) are not keen on increased Brent Crude prices to above 60 dollars per barrels because of shale oil."

He said the rally in oil prices in recent days is because of the OPEC and non-OPEC production cuts and partly because of the cold season.

"We are in winter, a season in which prices go up as demand for petroleum products goes up," Zangeneh said.

On January 9, Brent crude futures were at $68.11 a barrel, 33 cents, or 0.5 percent, above their last close. Brent touched $68.27 last week, its highest since May, 2015.