TEHRAN (Thomson Financial) - Even at 115 dollars a barrel, oil is priced too low, Iranian President Mahmoud Ahmadinejad said in comments published on Saturday, adding that the commodity 'should find its real value'.
'Oil at 115 dollars a barrel in today's market is a deceiving figure, oil is a strategic commodity and should find its real value,' the state broadcaster's website quoted Ahmadinejad as saying on Friday.
New York's benchmark contract, light sweet crude for delivery in May, surged 1.83 dollars to a record close of 116.69 dollars a barrel on Friday.
Iranian Oil Minister Gholam Hossein Nozari, whose country is OPEC's second largest oil producer and exporter, on Wednesday rejected calls from oil consuming countries for the cartel to take action to bring down prices.
tf.TFN-Europe_newsdesk@thomson.com vs COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.