Iran deputy oil minister says drop in oil prices is short-lived

DUBAI, Oct 14 (Reuters) – Iran’s deputy oil minister said on Tuesday that the recent drop in oil prices is short-lived and is unlikely to hurt the OPEC member’s budget, oil ministry’s news agency Shana reported.

“The drop in oil price is short-lived,” Shana cited Rokneddin Javadi, who is also the managing-director of the National Iranian Oil Company (NIOC), as saying.

“I think speculations about the future of the downward trend of oil prices in the market are mostly based on market reviews.”

Asked If the fall in oil prices would harm Iran’s budget, he said: “I don’t think so.”

Brent crude oil was trading just above $88 a barrel on Tuesday – its lowest in almost four years – as expectations faded that OPEC could cut output in an effort to shore up prices and curb the emerging oil glut.

By Yahoo News

 

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