TEHRAN: Even at $115 a barrel, oil is priced too low, Iranian President Mahmoud Ahmadinejad said in comments published on Saturday, adding that the commodity "should find its real value." "Oil at $115 a barrel in today's market is a deceiving figure. Oil is a strategic commodity and should find its real value," the state broadcaster's Web site quoted Ahmadinejad as saying on Friday. US crude hit a record of $117 on Friday. Iranian Oil Minister Gholam Hossein Nozari, whose country is OPEC's number-two oil producer and exporter, on Wednesday rejected calls from oil consuming countries for the cartel to take action to bring down prices."The oil price has reached $114 a barrel. When the price is suitable and supply is higher than demand, this shows the reason is somewhere else, and we should deal with this other reason," he said.The Organization of Petroleum Exporting Countries - which produces 40 percent of the world's oil - has refused to raise its daily output quota, fixed at 29.67 million barrels.
TEHRAN: Even at $115 a barrel, oil is priced too low, Iranian President Mahmoud Ahmadinejad said in comments published on Saturday, adding that the commodity "should find its real value." "Oil at $115 a barrel in today's market is a deceiving figure. Oil is a strategic commodity and should find its real value," the state broadcaster's Web site quoted Ahmadinejad as saying on Friday. US crude hit a record of $117 on Friday.
Iranian Oil Minister Gholam Hossein Nozari, whose country is OPEC's number-two oil producer and exporter, on Wednesday rejected calls from oil consuming countries for the cartel to take action to bring down prices.
"The oil price has reached $114 a barrel. When the price is suitable and supply is higher than demand, this shows the reason is somewhere else, and we should deal with this other reason," he said.
The Organization of Petroleum Exporting Countries - which produces 40 percent of the world's oil - has refused to raise its daily output quota, fixed at 29.67 million barrels.
