Zanganeh says oil prices are unpredictable

Tehran, Jan 4, IRNA – Oil Minister Bijan Namdar Zangeneh has said that global oil prices are no longer predictable.
  “[Oil] prices are unpredictable, particularly because political factors and intentions affect the prices,” the minister told reporters here Sunday.

Asked how long will oil prices keep falling, the minister said: “Until unbalanced supply and demand system in the economic sector and negative political intentions are removed.”

“Political factors and intensions are effective in the prices and of course that’s an issue we can assess,” said Zanganeh, according to shana.ir.

The minister made the remarks on the sideline of a national conference on economy.

The first conference on Iranian Economy dubbed ‘Strategies for Achieving Sustainable Growth and Employment’ opened here on Sunday in presence of President Hassan Rouhani.

Several Iranian ministers, university professors, governmental officials and economic activists attended the two-day conference which will discuss macroeconomic issues of the country.

Earlier Sunday, Zanganeh briefed Iranian parliamentarians on the developments in international oil markets.

First Vice Speaker Mohammad Hassan Abutorabi Fard said the minister outlined the current situation of the world oil market for the Majlis members during an hour-long closed door session on Sunday.

He provided an overview of fluctuating prices in the international oil markets and exchanged opinion with the lawmakers on the issue.

Zanganeh had earlier said that a conspiracy is behind the continuing oil price slide.

He believed the prolongation of the downward trend of oil price in world markets is a political conspiracy going to extremes.

He also said that the falling oil prices initially stemmed from overglut in markets.

By IRNA

 

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