Mubasher: Members in the Organization of the Petroleum Exporting Countries (OPEC) would not like Brent oil to grow higher than $60 per barrel (pb), Iranian news agency Shana reported on Tuesday, citing Iran’s petroleum minister.

Bijan Namdar Zanganeh said that increased oil prices would boost the shale output supply.

He further attributed the rising oil prices during the past few days to OPEC and non-OPEC production cuts and higher demand for oil products amid the cold weather.

By 11:35 am GMT, Brent crude inched up 0.07% to $67.83 pb, after reaching $68.29 pb earlier in the day, its highest since May 2015, while Nymex crude futures rose 0.31% to $61.92 pb.

These high levels come in line with the oil production cuts and expectations of a decline in US crude inventories for an eighth straight week.

In November, OPEC members and non-member countries agreed on trimming oil output in an attempt to reduce the supply glut built up during the previous two years.