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$80-90/b Oil Price Favorable: Owji

Iranian Minister of Petroleum Javad Owji said that the price of oil between 80 to 90 dollars per barrel would be favorable for both consumers and producers.

Speaking to reporters on Saturday, Javad Owji said: "Last week, good agreements were signed with Turkmenistan on the export of technical services and petroleum products, which we hope will be implemented soon."

He announced that a $4 billion consortium would be formed to support petro-refinery projects.

Asked the desired level of oil prices to meet the interests of producers and consumers, given the Brent price, which has reached $86 per barrel, the Minister of Petroleum said: "In my opinion, and according to experts who have worked in this field, the price is of between 80 to 90 dollars [per barrel] is desirable; OPEC members also favor this price.”

The Russian energy minister had recently said that prices above $100/b were to the detriment of both producers and consumers. Regarding this, Mr. Owji added: "The members of OPEC+ would favor the price range I just said."

Regarding gas exports to Turkey, Owji said: "The contract for gas exports to Turkey will expire in 2026, and the issue of extending Iran's gas exports to Turkey is one of the programs on the agenda of the Ministry of Petroleum and the National Iranian Gas Company. Experts from the Turkish company Botas and the National Iranian Gas Company will hold talks this week.”

Announcing that good decisions have been made regarding gas exports to Oman, the Minister of Petroleum said: "We have started negotiations, and we hope that it will lead to a contract for export of gas to Oman for an LNG unit in this country."

In response to a question about the president's visit to Russia, he stated: "Good achievements and good news will be announced in due course. As you know, the Ministry of Petroleum is in charge of the Iran-Russia Joint Commission and, God willing, good news with Russia will be announced in due course."

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