Iran crude oil slide follows market

TEHRAN Dec 26 (Shana)–The price of Iran’s heavy crude oil has declined in proportion with market conditions, director for international affairs of National Iranian Oil Company said.

“The price of Iran’s heavy crude oil in world markets has fallen in proportion with market conditions and has nothing to do with rivalry among OPEC member states,” Mohsen Qamsari said.

“Given the oil price plunge in world markets, Iran also reduced the price of its heavy crude oil and it does not mean giving discount to customers,” he said.

“Oil price is announced on a monthly basis and it fluctuates based on market conditions,” he added.

Qamsari said technical reasons are behind the current oil price slump in world markets, highlighting disproportionate supply and demand and the price of petroleum products.

By SHANA

 

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