Iran Economy NewsIran official sees West's troubles curbing oil price

Iran official sees West’s troubles curbing oil price

-

Reuters: Iran says international crude oil prices will not rise with the onset of the cold season due to the continuing global economic slump, state broadcaster IRIB quoted an official on Saturday as saying.

TEHRAN (Reuters) – Iran says international crude oil prices will not rise with the onset of the cold season due to the continuing global economic slump, state broadcaster IRIB quoted an official on Saturday as saying.

“Due to the existing economic crisis, it is predicted that this year no significant changes happen in the oil price by the onset of the cold season,” said Iran’s OPEC governor Mohammad Ali Khatibi.

Khatibi said there were indications that lingering financial crisis in some Western countries would lead to a drop in oil demand.

“The drop in demand in recent weeks has been to the extent that some non-OPEC producing countries were compelled to lower their output in proportion to the drop in demand,” Khatibi said.

Iran, a leading price hawk inside OPEC, holds the rotating presidency of the group.

At the last OPEC meeting, on Jun. 8, it successfully opposed a push led by Saudi Arabia to raise output quotas, leading the Saudis to increase production unilaterally, a move strongly criticised by Tehran.

(Writing by Ramin Mostafavi; Editing by Ruth Pitchford)

Latest news

Iran’s Unsolvable Air Pollution Problem

Air pollution will remain at dangerous levels and will increase for the next few days in most big cities,...

The World Must Acknowledge the Iranian People’s Right to Self-defense

Victor Hugo once said: “When dictatorship is a fact, revolution becomes a right.” Throughout history, this has been the...

Iran: 60% Of Population Is Poor

The livelihood baskets of the Iranian people are shrinking dramatically. This, in turn, has introduced new concerns to protect...

The implications of EU’s terrorist designation of the Revolutionary Guards (IRGC)

The European Parliament called on January 18 for the European Union to list Iran's Revolutionary Guards (IRGC) as a...

Iran’s Regime Is Hiding Human Rights Violations In Its Prisons

With more than four months into Iran’s latest round of nationwide uprisings, the brutality of the Iranian regime’s security...

How Internet Censorship Is Damaging Iran’s Economy

While in the last four months, internet access in Iran has been cut off or severely limited, the regime’s...

Must read

Iran registers candidates for Dec 15 municipal elections

Iran Focus: Tehran, Iran, Oct. 16 – Registration of...

Iran’s ex-nuclear negotiator to meet German FM – report

Iran Focus: Tehran, Iran, Sep. 17 – Iran’s former...

You might also likeRELATED
Recommended to you