Iran says $55 oil price suitable, sees supply cut extension

Iran says $  55 oil price suitable, sees supply cut extensionIran 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 the oil ministry’s news website SHANA. 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.

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