Iranian Oil Minister Massoud Mirkazemi says Tehran favors an increase in global oil prices, saying crude oil at $100 a barrel is an appropriate price, Iranian news agency Press TV reports.
Mirkazemi made the remarks on the sidelines of the 158th meeting of OPEC oil ministers in the Ecuadorian capital, Quito, on Saturday.
"One hundred dollars as a nominal price is good, but real prices are weak. The market is better than before, but it's not good enough, because the growth rate of global GDP is low," the Iranian minister said.
Iran holds around 10 percent of world oil reserves. In 2009, Iran's revenue from oil exports reached $69.1 billion and it exported approximately 3.8 million barrels per day.
At the 157th meeting of the organization in October, OPEC members elected Iran to hold the organization's presidency as of January 2011.
Iran favors oil prices at $100
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