Iran's oil minister said Tuesday that the Islamic republic supports "any decision" to stabilise the global oil market and that $50-60 per barrel is the "desired price" for most OPEC members.

"Iran supports any decision by oil producers to return stability to oil markets. The desired price for most OPEC members for oil is between 50 and 60 dollars," said Bijan Zanganeh following a meeting with OPEC secretary-general Mohammed Barkindo in Tehran, according to the ministry's Shana news agency.