Publishe Date: 10:54 AM - 1/4/2015 | Print

Oil prices unpredictable, politicized: Iran’s Zangeneh

Economy - Iranian Petroleum Minister Bijan Nambar Zangeneh says no clear estimates could be provided on the future of oil prices, which have witnessed a severe slump in recent months.

Zangeneh said on Sunday that the future of oil prices is “not predictable,” adding, however, that “political factors and intentions” could have a negative impact on global oil sales.

“Political factors and intentions are affecting the prices [of oil], and of course we could offer estimates on this issue,” Zangeneh told reporters on the sidelines of an economic conference in the Iranian capital, Tehran.

Oil prices have plunged about 50 percent since June last year over increased supplies by certain countries such as Saudi Arabia, the largest producer in the Organization of the Petroleum Exporting Countries (OPEC), and a lackluster global economic growth.

OPEC, which pumps out about 40 percent of the world’s oil, has so far refrained from cutting its production to balance the market due to opposition from Saudi Arabia.

Iran has criticized Saudi Arabia for its lack of cooperation in preventing the fall in oil prices. Riyadh has said that OPEC will not cut oil production even if oil prices fall to USD 20 a barrel.

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