TEHRAN, April 22 - Iranian Oil Minister Gholam Hossein Nozari said oil prices will reach 60 U.S. dollars a barrel if OPEC members cooperate, local Press TV reported Wednesday.
"Cooperation and coordination between OPEC members can raise oil prices to 60 dollars a barrel in the third quarter of 2009," Nozari said in an interview.
He called on the OPEC member states to fully stick to their share of crude production, warning that "If the members do not comply fully with their output reduction levels, the (recent) output cut by OPEC will not help the market situation."
"OPEC's recent moves to reduce output have not been effective," he added.
Iran's oil minister also said that Tehran favors oil prices of 80 dollars per barrel, since the country cannot continue its oil projects if the prices fail to meet that level.
"The current oil market situation has had negative impacts on Iran's industry and economy," he added.
On Thursday, Iran's representative to OPEC Seyyed Mohammad-Ali Khatibi said that his country would support OPEC output slash in its upcoming meeting "if there is an oversupply of oil (in the market)."
The Organization of the Petroleum Exporting Countries (OPEC), the 12-member oil cartel which pumps nearly 40 percent of global supply, is due to meet in Vienna on May 28 to consider any further actions deemed necessary to bolster sagging oil prices under the global economic slowdown.
The oil prices hit a peak of 147 dollars a barrel in July last year but have fluctuated this year between 40 and 50 dollars.
The OPEC conference in March emphasized its commitment to comply fully with its decision in December 2008 to cut production by a record 2.2 million barrels per day (bpd), taking total curbs since last September to 4.2 million bpd.
"Cooperation and coordination between OPEC members can raise oil prices to 60 dollars a barrel in the third quarter of 2009," Nozari said in an interview.
He called on the OPEC member states to fully stick to their share of crude production, warning that "If the members do not comply fully with their output reduction levels, the (recent) output cut by OPEC will not help the market situation."
"OPEC's recent moves to reduce output have not been effective," he added.
Iran's oil minister also said that Tehran favors oil prices of 80 dollars per barrel, since the country cannot continue its oil projects if the prices fail to meet that level.
"The current oil market situation has had negative impacts on Iran's industry and economy," he added.
On Thursday, Iran's representative to OPEC Seyyed Mohammad-Ali Khatibi said that his country would support OPEC output slash in its upcoming meeting "if there is an oversupply of oil (in the market)."
The Organization of the Petroleum Exporting Countries (OPEC), the 12-member oil cartel which pumps nearly 40 percent of global supply, is due to meet in Vienna on May 28 to consider any further actions deemed necessary to bolster sagging oil prices under the global economic slowdown.
The oil prices hit a peak of 147 dollars a barrel in July last year but have fluctuated this year between 40 and 50 dollars.
The OPEC conference in March emphasized its commitment to comply fully with its decision in December 2008 to cut production by a record 2.2 million barrels per day (bpd), taking total curbs since last September to 4.2 million bpd.
