Iranian Oil Minister Bijan Zanganeh said on Friday that the oil price of $75 a barrel is a "fair" oil price for most OPEC members.

"I think most of the OPEC members believe that a price around $75 is a fair price for both sides and is working well," Zanganeh noted.

He also said that Iran plans to add 1m barrels per day of crude oil within six months of Western sanctions being lifted. Zanganeh added that oil price should not decline due to additional supply as other OPEC members will cut their oil output.