Iran says $55 oil price is suitable

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Iran sees $55 per barrel as a suitable price for crude oil, and believes that OPEC and non-OPEC producers are likely to extend output curbs to support prices, Iranian Oil Minister Bijan Zanganeh was quoted as saying on Saturday.

"The price range of $55 per barrel would be suitable for oil," Zanganeh said, according to Reuters.

Late last year, the OPEC and other producers pledged to reduce global crude output by 1.8 million barrels per day (bpd) during the first semester of 2017.

Oil prices closed higher on Friday, rebounding from five-month lows, following positive U.S. jobs data and assurances by Saudi Arabia that Russia is ready to join OPEC in extending supply cuts to reduce a persistent glut.

Zanganeh said members of the Organization of the Petroleum Exporting Countries (OPEC) have signaled that they are leaning towards extending the supply cuts, SHANA reported.

"I think non-OPEC oil producers will also second (an) extension of the plan," said Zanganeh, speaking on the sidelines of an energy fair in Tehran.

OPEC and non-OPEC ministers will meet on May 25, and they appear likely to extend their agreement to limit supplies beyond its June expiry to help clear a glut, three OPEC delegates said on Thursday.

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