TEHRAN – Iran’s oil minister said here Saturday that while the global oil prices declined sharply during recent weeks the service and engineering costs have remained unchanged and if the reducing trend in prices continues, the producers will be harmed, therefore Iran seeks a fair oil price.

Speaking to Shana on the verge of the 149th OPEC meeting which is slated for Sept. 9 in Vienna, Gholam-Hossein Nozari said that “Oil prices have dropped by some 36 dollars. This is while the oil exporting countries have undergone a 25-30 percent rise in production costs.”
OPEC should discuss the ways to curb oversupply in the upcoming meeting, the minister said.
Crude has tumbled from a record high of $147 in July and was trading on Friday at below $107