News Column

Minister: Oil Market Remaining Stable

January 20, 2014

TEHRAN (FNA)- Iranian Oil Minister Bijan Namdar Zanganeh said he does not expect a major change in oil prices, cautioning that in the event of a sharp fall in prices Iran will propose OPEC to reduce production. Zanganeh further noted that there was no doubt that OPEC will take necessary measures in case of instability in the market. "I don't think oil prices will change too much over the course of current year," said the minister. Last week, Zanganeh supported 100 dollar per barrel of oil in next Iranian year's budget bill. "The government's proposal for setting the budget bill based on 100-dollar oil is defendable," Zanganeh told a parliamentary ad hoc committee tasked with reviewing the budget bill for next calendar year starting in March. He said that crude oil and condensate exports envisaged in the draft budget are realizable and based on facts. The parliamentary committee has endorsed the bill with 39 votes in favor and 5 against. President Hassan Rouhani recently submitted the budget bill for next calendar year to parliament, saying increased petrodollars and higher tax revenues are focused upon in the draft. He said the government's general budget will exceed 1,950 trillion rials , 50 percent higher than last year.   Â

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: FARS News Agency

Story Tools