Iran encourages OPEC’s oil freeze plan

Amir Hossein Zamaninia, an Iranian deputy oil minister, said Iran is ready to encourage OPEC members to join the plan aimed at stabilizing oil market, IRNA news agency reported.

The fair price that would bring stability to oil market is between $55 and $60 per barrel, he said.

Zamaninia further forecasted that the oil price in international market will reach somewhere between $55 and $60 by 2021.

Over the past month, OPEC members agreed to cut down the organization’s output to 32.5-33 million barrels per day.

The OPEC members are expected to discuss the plan during a meeting in November.