Iran's OPEC governor said oil prices of $70-$90 per barrel would not hurt the global economy and that up to $100 might not create problems, the oil ministry's official website SHANA reported on Sunday.
"Consumers and producers are unanimous that the oil at $70-$90 prices are suitable prices and will not hurt the global economy," Mohammad Ali Khatibi told SHANA. "There are thoughts that increase in the price of oil up to $100 per barrel will not create problems for the market."
Top oil exporter Saudi Arabia earlier this month shifted upwards the band from a price it has backed for around two years, saying oil at $70-$90 a barrel was comfortable for consumers. Global oil prices are now near $86. The International Energy Agency (IEA) said on Friday the Organisation of the Petroleum Exporting Countries was raising production fast enough to meet growing demand and reducing compliance to the group's target for output cuts.