Oil min.:

Crude prices to grow in coming days

News ID: 3989481 -
TEHRAN, May 27 (MNA) – Iranian Petroleum Minister Zanganeh has maintained that crude oil prices in international markets will surge in the days to come.

Following 172nd Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) and the 2nd OPEC and non-OPEC Ministerial Meeting on May 25 in Vienna, Austria, Iranian Oil Minister Bijan Zanganeh said no power could force Iran to cap its crude output and any decline in the country’s oil production can take place only through agreements and the country’s will.

He described the 172nd meeting as peaceful since all members shared views which led to facile decision making in accordance with market expectations.

The official said the downfall in global crude prices following the OPEC’s meeting in Vienna had come as a shock to him though he expressed hope that, the will of OPEC members will help lift up oil prices in the near future.

He also appreciated collaboration of non-OPEC members with the 13-nation oil cartel which has been more fruitful than primary expectations. Zanganeh recalled that OPEC and non-OPEC members had remained 100% and 90% committed to the November 30 oil cut deal.

On the possibility for crude prices to remain in 55 to 60 dollars per barrel if the same trend is pursued, the official said decisions are made based on market analysis and conditions though psychological aspects could also play a role. “All in all, the decision to reduce crude output should logically increase modify global prices.”

The Iranian oil minister went on to voice the Oil Ministry’s readiness to bolster relations with large and credible oil companies, including American ones, since Iran has always issued message of peace and friendship to its neighbors and to the world.

On other sectors of the oil industry, Bijan Zanganeh said gas output levels are satisfactory as significant measures have been taken and importance projects have become implemented.

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