Oil priced at less that $100 a barrel isn't acceptable for either producers or investors, Iranian Oil Minister Gholam Hossein Nozari said Saturday at an energy conference here.
He said concerns about the U.S. economy and the negative knock-on effect on the European economy are part of the reason behind the recent fall in the price of oil.
"The price that makes it possible to invest" in the oil sector, Nozari added. "With the rise in production costs, unfortunately there's no possibility that the cost of investment will fall."
He added, "Fluctuation in the market is of the type that makes it impossible to predict the oil price."
In New York on Friday, Nymex crude ended at $93.91 a barrel.