Iran, OPEC's second largest crude producer, said Sunday that it favors a global oil price of between $75 and $80 a barrel, the state television web site quoted the oil minister as saying.
"From the point of view of the Islamic republic, the favourable oil price is $75 to $80," Oil Minister Gholam Hossein Nozari said.
Oil prices hit a peak of $147 in July last year but have fluctuated this year between $40 and $50.
The Organisation of the Petroleum Exporting Countries has said it sees $75 as the price at which investment in exploration and production becomes profitable.
OPEC has cut its oil output by an actual 3.36 million barrels a day since September to below 28 million barrels a day, the lowest level since just after the U.S.-led invasion of Iraq in 2003.
OPEC's measures played a "fundamental role in preventing prices from falling further," Nozari said.