News Column

Minister: Iran Content with Oil Prices

August 13, 2014

TEHRAN (FNA)- Oil Minister Bijan Namdar Zanganeh said his country which is a kingpin in the world oil cartel, OPEC, is pleased with present crude prices in international markets.

"We are content with the price of oil," the Iranian oil minister told reporters on the sidelines of an economic forum in Tehran on Wednesday. He said Iran is not looking for cheap oil prices as "everyone is satisfied with the current oil prices now". The minister said future estimates presented in the global market has neither envisaged any major change in prices. He further pointed out that the US oil and gas shale production will certain leave impacts on the entire world, and not just Iran's, crude market, but underlined that market analyses suggest that "it will not influence the prices for the time being". Zanganeh further shrugged off the question about some foreign media reports that Iran is selling high-quality oil to China but at a cheaper price, and said, "We will take any decision that will be in our interest." In January, Zanganeh said he did not expect any major change in oil prices until the end of the Iranian calendar year (March 20, 2014). The Iranian minister said that he believes oil prices would not change too much over the course of current year. Referring to Iran as one of the co-founders of the Organization of Petroleum Exporting Countries (OPEC), Zanganeh said the country can propose reduction of oil production as a way to deal with any possible instability in oil market. The Iranian minister pointed out that OPEC member states have already predicted that the Organization would face no serious challenge in 2014. Referring to a possible increase in production of Iran's crude oil due to the removal of sanctions against the country, Zanganeh urged OPEC to support those member countries which are determined to stand at their previous positions. OPEC was founded in Baghdad in September 1960 with the signing of an agreement by five countries of Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. They were to become the founding members of the organization. These countries were later joined by Qatar, Indonesia, Libya, the United Arab Emirates (UAE), Algeria, Nigeria, Ecuador, Gabon, and Angola. From December 1992 until October 2007, Ecuador suspended its membership. Gabon terminated its membership in 1995. Indonesia suspended its membership effective January 2009.        

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Source: FARS News Agency

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