Minister: Market getting balanced at soaring prices

 

SHANA- Minister of Petroleum Bijan Zanganeh says oil market is now experiencing equilibrium with the good tiding of higher price stabilization free of any jitter.“I think market has reached a balanced status and will be stabilized at higher prices. After recent OPEC decision, prices started skyrocketing,” Zangeneh told TV on phone on Saturday.

Providing a sketchy profile of the 171st OPEC meeting in Vienna, Austria, on November 30, Zangeneh boasted that contrary to all the members who will be subject to output cut decision, Iran will keep its production growing.

“Insistence and resistance in the past one year and the justification of Iran enjoying the capacity for production, output and the reality of production led the countries admit Iran’s exemption to the cut rule.”

Zangeneh said, “Fortunately, despite harsh political differences among the members and tensions due to stiff economic rivalry, God willing, we managed to gain very important result. Of course, the cornerstone for the decision had been laid in the Algeria session in October, in which the members decided OPEC output of 32.5 million barrels per day or 1.2 million barrels per day cut in the production. Of course, that time there were discussions on cooperation by the non-OPEC side as they have had very low degree of cooperation. Almost never in the OPEC history Russia has been cooperating with the OPEC. So, such concerns were prevailing.”