"The market should find a stable condition, and given the eight to 10 percent decrease in demand and also given the oil stockpile I think a decrease of between two and 2.5 million barrels a day can bring a stable status to the market," Gholam Hossein Nozari said at a press conference in
World oil prices have increased in recent days on expectations that OPEC will cut output at its meeting on Friday but are still around half the record highs of more than $147 a barrel seen in July.
"Given inflation and the current circumstances of the market, the current oil price is very low, and $150 should not be out of the question," Nozari said.
"If oil prices do not reach a realistic level, they will go higher (than $150)," he said.
In Asian trade,
"In the current situation, the best price is between $80 and $90,"
Attiyah also said OPEC "might be obliged to reduce production to balance supply and demand," at Friday's meeting in