Oil price cut, a long-term policy

TEHRAN Oct 26 (Shana)–An Iranian deputy petroleum minister has said that the current oil price decline will continue for a specific period of time.
“I don’t think that the oil price fall is periodic. It is a policy designed to continue for a specific period of time,” Mansour Moazzami said.
 
“These days, we are witnessing significant decline in the crude oil price, which would definitely leave many impacts on the global economy and particularly the economy of OPEC member states,” he said.
 
Moazzami also said that Iran’s oil production is expected to reach 4.3 mb/d, up 740,000 b/d from the current year.
 
He said that Iran’s gas production has increased by 60 mcm during the first half of the current calendar year which started March 21.

By SHANA

 

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