Iran says oil price too low at 115 dollars a barrel

Even at 115 dollars a barrel, oil is priced too low, Iranian President Mahmoud Ahmadinejad said in comments published on Saturday adding that the commodity "should find its real value". . . .

Ahmadinejad suggested that the sharp fall in the value of the US dollar was a driving force behind the rise in oil prices.

"The dollar is no longer money, they just print a bunch of paper which is circulated in the world without any commodity backing," he said.

Late last year, Iran announced that it had stopped carrying out its oil transactions in dollars.