USA benchmark West Texas Intermediate for delivery in October added 31 cents to reach $47.64 a barrel.
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Reuters noted the minister’s comments have now “dampened expectations” of any sort of intervention in the oil market.
Brent North Sea crude for October delivery rose 25 cents to $49.92 a barrel.
The International Energy Forum, comprising of 73 countries that account for about 90 percent of the global supply and demand for oil and natural gas, will meet in Algiers from September 26 to 28.
Some traders cited bullish data issued by energy monitoring firm Genscape showed a drawdown of more than 313,000 barrels at the Cushing, Oklahoma delivery point for US crude futures during the week to August 23.
“At the end of the day, what is driving the market right now is short covering, being that it’s Friday and the dollar”, he said.
Many observers interpreted that as Tehran saying it would continue to try to regain market share by raising output after the lifting of sanctions against it last January.
Amid the recent fluctuation in global crude oil rates, prices fell on Friday, in a situation of supply glut following indications from Saudi Arabia that no output freeze was in the offing.
Coming just days after oil fell to a three-month low near $40 a barrel, OPEC’s August 8 announcement that it would hold “informal talks” in Algiers fostered a rebound in prices, even though most analysts doubt the group will agree on any production limits.
“Iran will cooperate with OPEC on improving prices and the state of the crude market, but we expect our right to restore our lost market share to be considered”.
“Even if producers come to an agreement, the freeze is at a very high level”. Zanganeh said, according to the ministry’s SHANA news service. The strategy of non-intervention in the market since 2014 will not allow for reaching a fair price, he said.
Earlier today, Iran oil minister Bijan Namdar Zanganeh mentioned the cooperation of Iran with the prospects of production freeze by the Organization of the Petroleum Exporting Countries.
Saudi Arabia recently hit a record in terms of barrels-per-day production, and other member nations, including Iran, have said they will boost output.
Oil prices were uneven early Friday, following expressions by some producers that intervention wasn’t necessary, while others brushed off the influence of market forces alone.
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“And countries like Libya and Nigeria, which are producing significantly below their potential due to unscheduled outages, are hardly likely to sign up to any voluntary restriction of production.”
