TEHRAN, Oct 4: Iranian Oil Minister Gholam Hossiein Nozari said on Saturday that an oil price of less than $100 for a barrel is “unsuitable” either for producers or for consumers.”

Speaking to reporters on the sidelines of a gas export conference, the minister did not elaborate.

“Unfortunately despite decrease in oil prices we have not seen any signs of a decrease in the costs” of oil production, he added.

Asked for a forecast on prices, he said there had recently been such wild fluctuations that “$5 to 10 up or down cannot be analysed.” Nozari blamed the current economic crisis in the US and its affect on Europe for the fluctuations.—AFP