29 Mar 2024
Tuesday 30 December 2014 - 08:12
Story Code : 141283

Iran VP confident oil prices will average $80

The precipitous drop in oil prices from a mid-summer high of $115 to $60 a barrel today has provoked strong reactions in Iran. Afterwarning of a plot to lower oil prices earlier this year,officials in the President Hassan Rouhani administration have reassured the public that prices will recover.
Vice PresidentMohammad Bagher Nobakht, who also oversees Strategic Planning and Supervision, spoke to reporters after meeting with parliamentary officials.Nobakht dismissedreportsthatSaudi Arabia had set its budget assuming a $60 price foroiland said that some analysts believe the Saudi budget presumes an $80 price.Iran created its budgetfor the next year aroundapredicted oil price of $72.

While Saudi Arabia does not publish the oil prices it uses to calculate its budget, according to Reuters, four different analysts havepredicted Saudi estimates at $55 to $63. These figures do not necessarily reflect predictions of the actual price of oil.

Nobakht explained thatNigeria, anothermember of the Organization of the Petroleum Exporting Countries, set its budget at $73. He added, A number of experts believe that in the following year, oil will average $80. He said that a Saudi oil adviser has given the same figure.

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