Irans oil minister said on Sunday he believed crude prices could rise to $60 a barrel in the third quarter of 2009, but that $75-80 was needed to secure future supply. Gholamhossein Nozari also called for co-operation between OPEC and producers outside the 12-member organisation to help stabilise the market, with oil prices still trading about 65 percent below their peak in mid-2008.
He told a news conference any further OPEC production cut would depend on the oil market situation. "With $75-80 per barrel ... producers can secure the future of energy supply in the world," Nozari said.