Iran Hopes to See OPEC Basket back at $60

A02154061.jpgTEHRAN (Fars News Agency)- Iranian Oil Minister Kazem Vaziri Hamaneh said here on Saturday that he hoped the OPEC basket oil price would hit $60 a barrel or more in the next few days.

The OPEC basket price was $54.19 a barrel on Tuesday, the Organization of Petroleum Exporting Countries said. The OPEC basket trades below US crude which fell to just under $60 on Friday.

Speaking in an interview with the Iranian state television, Vaziri Hamaneh expressed hope that the OPEC basket oil price reaches $60 or more in the coming days.

Oil prices have tumbled from a mid-July peak of almost $80 a barrel. OPEC President Edmund Daukoru of Nigeria said he hoped to secure a supply cut deal that would remove about one million barrels per day of oil from the market by tomorrow.

It seemed the political causes that created oil price fluctuations had been lifted and there was usually an increase in oil when the northern cold season approached, TV reported, quoting Vaziri Hamaneh.

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