Iran�s Oil Minister Bijan Namdar Zanganeh says rising international oil prices won�t benefit producers in the long-run as he warns against impacts of the prices on the oil production economy.

�You know that higher oil prices will make everyone happy in the short-term but in the long-run it won�t be gratifying,� said Zanganeh on Sunday following a virtual ministerial meeting of an alliance of international oil producers�known as OPEC+.

Zangaeh said that�higher oil prices, as pursued by some oil producing nations, will encourage more activity in sectors like shale oil, where production is considered most expensive, while it would give a new momentum to the alternative sources of energy like the renewables.
�If we consider the combination of alternative energies and expensive productions, which become economical with higher prices, the surge would not be a good news for (producers),� the minister was quoted as saying by state TV�s news service IRIB News.