Iran General NewsIran says oil prices too low, may rise more

Iran says oil prices too low, may rise more

-

Reuters: Crude oil prices are still low and could rise further, Iranian Oil Minister Rostam Qasemi said on Monday, the same day Saudi Arabia said prices are too high and would work to moderate them.

DUBAI, Sept 11 (Reuters) – Crude oil prices are still low and could rise further, Iranian Oil Minister Rostam Qasemi said on Monday, the same day Saudi Arabia said prices are too high and would work to moderate them.

“In our view, the price of oil is still low and has the potential to rise further,” Qasemi was quoted as having said on Monday by Iran’s oil ministry news website on Tuesday.

Saudi Oil Minister Ali al-Naimi said on Monday the world’s largest oil producer was worried about high oil prices and would try to moderate them.

But OPEC price hawk Iran, which needs high oil prices to compensate for lower sales volumes under Western sanctions, believes prices could rise further in months to come.

Qasemi said lower oil output from North Sea oil fields in Europe could push up prices.

When asked how Iran viewed the possibility of the United States releasing stocks from strategic petroleum reserves to try to temper the surge in prices, he said it was normal for oil prices to rise going into winter in the northern hemisphere.

U.S. administration officials met energy analysts at the end of last week in a meeting interpretted by some as a sign that President Barack Obama is considering tapping U.S. government oil supplies in a bid to bring down fuel.

Brent crude oil prices have surged about 20 percent since OPEC last met in June, hovering between $112-$117 a barrel since mid-August.

Despite Gulf OPEC producers raising production to near record levels to make up for lower Iranian supplies, lingering tensions over Iran’s disputed nuclear programme and field outages in the North Sea have counteracted any downward pressure on prices from fears over slow global economic growth. (Reporting by Daniel Fineren; Editing by Alison Birrane)

 

Latest news

Iran: Militarization of the Country’s Education

After months of contention about the position of the minister of education, the Iranian regime’s president Ebrahim Raisi finally...

As Thousands of Iranian Prisoners Were Executed in the 1988 Massacre, the World Remained Silent

With the trial of former Iranian prison official Hamid Noury still ongoing in Sweden, proceedings were briefly expedited to...

Even a Revived JCPOA Will Not Save Iran’s Government

Since the beginning of the Iranian regime’s nuclear crisis, which was revealed by the Iranian opposition group, the MEK,...

Iran’s 1988 Massacre Will Never Be Erased From History

As the trial of former Iranian prison official Hamid Noury races forward in Sweden, supporters of the Iranian Resistance...

Iran’s Government Auctions Everything, Now This Bad Fortune Has Hit the Country’s Palms

The Iranian government is auctioning everything from the country’s resources and wealth, and the latest news is that they...

Iran Is Thirsty As People Protest

The hollow promises of the Iranian regime to the people are no longer effective. These days there is a...

Must read

Iran-U.S. to hold expert level talks on Iraq: envoy

Reuters: Iran, the United States and Iraq will hold...

Iran’s Capital Drains Crisis

If Iran continues to face a decrease in the...

You might also likeRELATED
Recommended to you