EghtesadOnline: OPEC members do not want Brent oil to rise above $60 a barrel because higher prices could bring more supply from shale output, Iran’s oil minister said.
“Members of the Organization of Petroleum Exporting Countries are not keen on increased Brent crude prices above $60 a barrel because of shale oil," Bijan Namdar Zanganeh also said in comments on the ministry’s news agency Shana, Bloomberg reported. Oil prices have risen in recent days because of production cuts and increased demand for petroleum products due to cold weather, he said. Brent crude paired gains after the comments. The global benchmark was trading near $68 a barrel on Tuesday. The Organization of Petroleum Exporting Countries and allies, including Russia, agreed to extend output cuts to the end of this year to reduce global inventories. Iran is OPEC’s third-largest producer, according to Financial Tribune.