Iran Oil Firm: Oil Price Must Cross $70

The head of Iran's state-owned oil company said on Sunday that the price of oil should cross $70 barrel as a result of output cuts by OPEC.

According to Iran's official IRNA news agency, Gholamhossein Nozari, head of Iran's NIOC oil company, said: "The oil price in the world market has been more than $70 per barrel in the past, but considering the fact that we are approaching winter and demand is increasing, this price could be higher."

"We are trying to increase the current oil price through controlling the market," Nozari added.

OPEC President Edmund Daukoru backs the further output cuts ahead of member nations meeting on Dec. 14.