Politicization of Oil Market Detrimental

Bijan Namdar Zanganeh, the Iranian oil minister, cautioned the world against politicizing the global oil market, noting that adopting such a policy will harm not only suppliers but also customers. Speaking on the sidelines of the 16th International Energy Forum Ministerial (IEF—16) in New Delhi, India, Zanganeh added, "If the tension in the oil market does not come to an end, it will become a major concern for producers and purchasers," Shana reported. India hosted the IEF—16 Ministerial Meeting from April 10-12. The biennial IEF ministerial meetings are the world's largest gathering of energy ministers who engage in a dialogue on global energy issues.  According to the oil minister, fossil fuels will lose their significance in future, yet the industry will still need to attract massive investment till 2040. "Oil market should remain non-political," he said, adding that natural gas can also play a major role in international energy markets. Zanganeh believes that suppliers and consumers should do their best to stabilize the market.