26 August 2014 - 11:13
  • News Code: 223510
Falling Oil Price Short-Lived, says Iran minister

TEHRAN August 26 (Shana): Iran’s Petroleum Minister Bijan Namdar Zanganeh said on Tuesday that the current decline in oil prices will be reversed following a seasonal change.

“The downward crude oil price will not live long due to seasonal fluctuations,” Zanganeh told reporters on the sidelines of an international energy forum in Tehran.

He said the current prices in the world markets are appropriate, adding that the ongoing events in Iraq will not “significantly” affect the market.

“These events and the presence of ISIS (Islamic State of Iraq and Syria) in this country (Iraq) will not significantly affect the international oil market,” said Zanganeh.

Separately, he said that people in Tehran have realized the harmful impacts of gasoline produced by petrochemical plants.

Zanganeh said Iran would stop importing gasoline after the first phase of Persian Gulf Star Refinery would come on-stream with a refining capacity of 120,000 b/d.

News Code 223510

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