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Iranian Oil Minister: falling prices political conspiracy
12/18/2014 13:50:00
Iranian Oil Minister: falling prices political conspiracy
Transfer site and Iranian Oil Ministry website (Shana) on Wednesday night for Iranian oil minister Bijan Zanganeh as saying that the continuing decline in the price of oil a political conspiracy.
The website quoted the minister as saying, "The continuation of the downward path of the oil price in the global markets is a political plot to go to the fullest extent."
He added that the fall in the price of oil began primarily as a result of oversupply in the market.
The total oil last week, the lowest level since May 2009 at $ 58.50 a barrel, down about 50 percent since June.
Last week, Iranian President Hassan Rohani accused unnamed countries of conspiring to push oil prices to drop and said that the recent decline in prices is not entirely due to economic factors.
Rohani said, "The main reason (for landing) is a political conspiracy hatched by certain countries against the interests of the region and the Islamic world and are in favor of some other countries only."
Oil prices were then below $ 66 a barrel.
The price of Brent crude rose on Thursday above $ 61 a barrel after the forced the sharp decline in oil prices of companies to reduce their investments in the upstream sector across the world.
PUKmedia for Reuters
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12/18/2014 13:50:00
Iranian Oil Minister: falling prices political conspiracy
Transfer site and Iranian Oil Ministry website (Shana) on Wednesday night for Iranian oil minister Bijan Zanganeh as saying that the continuing decline in the price of oil a political conspiracy.
The website quoted the minister as saying, "The continuation of the downward path of the oil price in the global markets is a political plot to go to the fullest extent."
He added that the fall in the price of oil began primarily as a result of oversupply in the market.
The total oil last week, the lowest level since May 2009 at $ 58.50 a barrel, down about 50 percent since June.
Last week, Iranian President Hassan Rohani accused unnamed countries of conspiring to push oil prices to drop and said that the recent decline in prices is not entirely due to economic factors.
Rohani said, "The main reason (for landing) is a political conspiracy hatched by certain countries against the interests of the region and the Islamic world and are in favor of some other countries only."
Oil prices were then below $ 66 a barrel.
The price of Brent crude rose on Thursday above $ 61 a barrel after the forced the sharp decline in oil prices of companies to reduce their investments in the upstream sector across the world.
PUKmedia for Reuters
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