Publishe Date: 8:40 AM - 9/3/2014 | Print

Oil Minister: Falling Oil Price Short-Lived

Economy - Iran’s Oil Minister Bijan Namdar Zanganeh said on Tuesday that the current decline in oil prices will be reversed following a seasonal change.

“The downward crude oil price will not live long due to seasonal fluctuations,” Zanganeh told reporters on the sidelines of an international energy forum in Tehran.

He said the current prices in the world markets are appropriate, adding that the ongoing events in Iraq will not “significantly” affect the market.

“These events and the presence of ISIL (the Islamic State of Iraq and the Levant) in that country (Iraq) will not significantly affect the international oil market,” said Zanganeh.

Separately, he said that people in Tehran have realized the harmful impacts of gasoline produced by petrochemical plants.

Zanganeh said Iran would stop importing gasoline after the first phase of Persian Gulf Star Refinery would come on-stream with a refining capacity of 120,000 b/d.

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