TEHRAN, May 7 (Xinhua) -- Iran's Petroleum Minister Bijan Namdar Zanganeh said that 55 U.S. dollars per barrel is a suitable price for crude oil in the global market, Tasnim news agency reported on Sunday.
"The price range of 55 U.S. dollars per barrel would be suitable for oil," Zanganeh said, adding that the Organization for Petroleum Exporting Countries (OPEC) and non-OPEC member states have indicated their support for extending the agreement by world's biggest producers to cut outputs.
Zanganeh said earlier that Iran will support earlier decision by the OPEC to extend oil output freeze agreement.
He made the remarks on the sidelines of the 22nd Iran International Oil, Gas, Refining and Petrochemical Exhibition underway in Tehran.
The exhibition was kicked off in the capital Tehran on Saturday with the participation of 1,500 foreign companies from 37 countries.
The show is aimed at showcasing the country's latest technical achievements and attracting the foreign investments.
The ongoing energy exhibition is considered as the biggest in the Middle East and major companies from China, the Netherlands, France, Britain, Italy, Spain, Turkey, Russia, Japan, South Korea and Australia attend the event which will continue until May 9, 2017.
