Low oil prices make the investments in oil-rich countries unfavorable, Iran’s Oil Minister Bijan Namdar Zangeneh told Iranian journalists in follow-up of the Ministerial meeting of Organization of the Petroleum Exporting Countries (OPEC) in Vienna.

"We are not satisfied with the current oil price. OPEC members must cooperate to adjust it and agree on a fair price in order to satisfy all members,” he said, PRESSTV reports, referring to the Minister’s reaction to the decision on retaining the level of oil production on the same level.

“The existing price will make investors unable to invest in oil rich countries,” he added.

During the meeting in Vienna, Zangeneh carried out a number of talks with the largest world oil companies, including Shell, Eni, Total and Lukoil, who are interested in investments and return to the Iranian market.

According to Zangeneh, although “oil prices have recovered from their January low of $50 a barrel to trade around $62, most OPEC members agree on $75 a barrel as being a "fair" price.”

The minister also stressed Iran’s stance, which is to ramp up its oil output by 500,000 barrels per day (bpd) within two months and 1 million bpd within six to seven months after sanctions are voided.

Currently, Iran produces 2,8 million barrels. Decades ago its production made up 4 million barrels a day, that indicator peaking in 1974, when Iran produced 6 million barrels of oil.