Iran’s Minister of Petroleum Bijan Namdar Zanganeh (file photo)

Oil market not influenced by one person or Admin.: Min.

SHANA– Iranian Minister of Petroleum Bijan Zangeneh says not a single person or an administration can influence the oil market, saying US President Donald Trump’s remarks cannot impact the market alone.

Addressing a number of Iranian lawmakers on Sunday, the official said, “There are many people who take stances regarding the oil market, and no one person or administration can determine the fate of the market [alone].”

He said the market chose not to heard Mr. Trump’s recent remarks against Iran, saying the prices would have remarkably soared had the threats by US president against Iran been materialized, “while in reality nothing special happened in the market over the past week”.

Mr. Zangeneh said there are many factors and players that determine the fate of the oil market based on economic preferences and the supply and demand trends.

“The prices will considerably increase if massive amounts of supply are eliminated from the market.”

He also said none of Iran’s oil customers are in debt to the country, however, he acknowledged that there are still troubles in money transfer from foreign banks to Iran.