Zanganeh: everyone to be very satisfied with $70 to $75 per barrel

Iran's Oil Minister Bijan Namdar Zanganeh sees $70-$75 per barrel as a suitable price for crude. "Nobody is satisfied with current prices and instabilities and fluctuations. I think everyone will be very satisfied with $70 to $75," Bloomberg cited him a saying.

Zanganeh said Iran would start to boost crude output in 10 days if international economic sanctions against it will be removed. Production would climb to 3.8 million barrels a day within six months and 4 million in less than a year. Iran pumped 2.78 million barrels a day in April 2015.

"We have sent significant signals to OPEC on the plan to raise output. We aren't by any means worried about seeing oil left on our hands. The name of the game is marketing," RIA Novosti cited Zanganeh. "Under no circumstances Iran will relinquish its drive to restore its lost share of the oil market," he said.