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Iran Opposes Higher Oil Prices, Signaling Divide With Saudis

  • Oil Minister Zanganeh says Iran supports ‘reasonable’ prices
  • Saudi Arabia is said to desire crude closer to $80 a barrel
Bloomberg business news
Oil prices rose above $70 a barrel for this first time since November 2014. Bloomberg’s Andrew Barden reports.(Source: Bloomberg)
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Iran, faced with a possible restoration of U.S. sanctions, came out against higher oil prices, signaling a split with fellow OPEC member and political rival Saudi Arabia, which is showing a willingness to keep tightening crude markets.

A “suitable price” for crude is $60 to $65 a barrel, Amir Hossein Zamaninia, deputy oil minister for international and commercial affairs, said in an interview Sunday in Tehran. Oil Minister Bijan Namdar Zanganeh said earlier in the day that Iran supports “reasonable” oil prices and is not an advocate of costlier crude.