Oil market problems are political

TEHRAN, Jun. 19 (MNA) – Iranian Minister of Oil Bijan Namdar Zanganeh said on Tuesday that tensions in the oil market are not caused by supply and demand imbalance but by political issues.

He made the remarks before leaving Tehran for Vienna where he is going to attend at Organization of Petroleum Exporting Countries (OPEC) meeting.

Elsewhere in his remarks, Zanganeh highlighted that Trump prefers high oil prices to support shale production in US, however, “he attacks OPEC, especially after US withdrawal from Joint Comprehensive Plan of Actions (JCPOA), to avoid public pressure for the increase in oil price.”

Zanganeh will take part in the 7th International OPEC Seminar on June 20 and 21 and next, he will attend the 174th OPEC Meeting on June 22, both of which held in Vienna, Austria.

MAH/4325169

News Code 134952

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