Economics

Iranian Oil Minister: Output to Return After Sanctions Lift, $80 Crude Would Be 'Fair'

OPEC can act alone to determine crude production levels
Iran must boost crude oil output to regain market share

Why Oil Tumbled the Most in Seven Months

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By Golnar Motevalli, Hashem Kalantari and Anthony DiPaola

September 1, 2015 at 4:46 PM UTC

Updated on

September 2, 2015 at 2:47 PM UTC

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Most OPEC members would like to see crude prices at $70 to $80 a barrel and the producer group doesn’t need to coordinate with other oil suppliers to determine output levels, Oil Minister Bijan Namdar Zanganeh said in an .

Oil’s slump below $40 a barrel in New York last month hasn’t tempered Iran’s aims to restore production as soon as sanctions are lifted. The nation must boost crude output to regain market share even as U.S. shale producers increase drilling activity, Zanganeh said at the Petroleum Ministry in Tehran.