The Iranian government wants oil prices to be over $100 per barrel. This information is confirmed by Iranian Students' News Agency with reference to the Iranian Minister of Oil.
At the same time, oil prices are nearing the target. Iran wants oil prices to reach and consolidate above the psychological level. This is not the first time, Iran and other OPEC members express such a desire.
Despite the recent rally and the OPEC’s intensions, oil prices are declining today on negative economic statistics from the USA and China.
In particular, the price of a barrel of crude oil in New York dropped below $101/b.
If the prices keep on declining and finally consolidate below $100/b, OPEC members may well decide to lower their oil production during the forthcoming meeting in May.
The chart below, courtesy of , reflects the current state of affairs in the market of WTI oil:
