9799
Zanganeh Oil Forecast Report Denied
Energy

Zanganeh Oil Forecast Report Denied

The oil ministry has rejected earlier media reports about oil price projections made by Iran's oil minister, Bijan Namdar Zanganeh.
In an official statement released on Sunday, the ministry emphasized that Zanganeh has not specified any figure for the price of oil in his recent interviews.
The statement came in response to foreign media reports stating that Zanganeh had forecast that oil prices would possibly go down as low as $25 a barrel.
On Tuesday, Bloomberg quoted Zanganeh as saying that "Iran is strong enough to withstand a deeper slump in prices even if the country must sell at $25 a barrel."
Oil has plunged by more than half since June 2014 to below $50 a barrel, pressured by a global glut and refusal by the Organization of Petroleum Exporting Countries (OPEC) to cut its output.
Iran together with Venezuela has called for OPEC, which supplies about 40 percent of the world’s oil, to work together to support a recovery in crude. The US shale boom has contributed to the global glut, and Qatar and the United Arab Emirates estimate the oversupply at about 2 million barrels a day.
OPEC announced last November it would keep output steady at 30 million barrels a day, despite pleas from some members for it to cut output to support prices and revenues.

Short URL : http://goo.gl/1wPKvb

You can also read ...

Norway Intends to Build First Offshore Floating Wind Farms
Norway’s Petroleum and Energy Minister Terje Soviknes will...
Venezuela Oil Production May Soon Sink to 1m bpd
Venezuela’s plummeting oil production is nearing the...
GAP envisages the construction of 22 dams and 19 power plants.
Turkey is taking advantage of its abundant supply of ...
OPEC+ to Discuss Q3 Output Surge
The planned increase of crude production by OPEC+ nations of 1...
Egypt Hikes Fuel Prices by 50 Percent
Egypt has raised gasoline prices by up to 50%, its oil...
US-Saudi  Oil Increase  Plan a Ploy Against OPEC
The US political pressure on Saudi Arabia to boost oil output...
Oil Ministry to Modify Contracts With Domestic Parts Producers
The Oil Ministry plans to modify the contracts it had earlier...

Trending

Googleplus