Iran Opposes Hike in Oil Prices, Calls for Market Stability

From Reuters

Iran, historically an OPEC pricing “hawk,” called today for stability in the oil market for the good of energy consumers and producers and said it opposes an immediate increase in OPEC prices.

“After three years we have stability. The market needs stability. Consumers and producers need to be assured,” Iranian Oil Minister Gholamreza Aghazadeh told reporters before talks in Vienna with other leaders of the Organization of Petroleum Exporting Countries.

Aghazadeh opposes any immediate increase in OPEC’s target price of $18 a barrel, which ministers say has been attained in free market trading--a gain of more than $5 since last fall’s oil glut.