Spoiler - because higher prices would attract more supply
(Economics 101 will continue tomorrow)
The headline remark from Iranian Oil Minister Bijan Namdar Zanganeh was out a little earlier, but more now:
- Crude above $60 would ultimately hurt OPEC because it would spur competitors to boost production and trigger medium-term price decline
- Zanganeh spoke after meeting Russian Energy Minister Alexander Novak
Comments reported by Iranian Students News Agency, via Bloomberg
