Iran General NewsIran says sanctions will not affect oil sector

Iran says sanctions will not affect oil sector

-

Reuters: Iran’s oil minister said on Thursday the latest U.N. sanctions on Tehran over its disputed nuclear plans would not affect the oil sector in the world’s fourth-largest crude producer. TEHRAN (Reuters) – Iran’s oil minister said on Thursday the latest U.N. sanctions on Tehran over its disputed nuclear plans would not affect the oil sector in the world’s fourth-largest crude producer.

Gholamhossein Nozari was also quoted as describing this week’s OPEC meeting in Vienna as positive and said the impact of the cartel’s decision to keep production unchanged would be seen in coming weeks.

OPEC ministers agreed to hold output steady and said oil prices which hit an all-time high on Wednesday were driven by factors beyond their control. U.S. crude surged to a record $104.95 a barrel in late Wednesday trade.

“After this decision of OPEC members which was taken after taking into consideration the realities of the market … the global oil price has increased by $2 a barrel,” Nozari told the Oil Ministry’s Web site Shana.

But he said: “The impact of OPEC’s decision on oil prices will become clear in future weeks and one should see how the price growth develops in future weeks.”

The world’s biggest fuel burner, the United States, had said even a token supply increase from the Organization of the Petroleum Exporting Countries would help to tame prices and limit any damage to a fragile world economy.

The U.N. Security Council voted on Monday to introduce a third sanctions resolution against Iran over its refusal to halt nuclear work major powers fear is aimed at making bombs but which Tehran says is designed to generate electricity.

Economists say U.N. and separate U.S. punitive measures imposed on Iran since 2006 are making Western companies more wary of investing in the Islamic state even though it remains a magnet for oil majors because of its vast energy resources.

But Nozari said: “Iran’s oil industry is mature enough that this issue does not have an impact on it.”

(Reporting by Zahra Hosseinian; Writing by Fredrik Dahl; Editing by editing by Jacqueline Wong)

Latest news

Iran’s New Generation Seeks Nothing but Regime Change

In a silly and desperate statement, the Iranian regime’s foreign minister Hossein Amir-Abdollahian claimed that nothing special is going...

Iran’s Youths Broke the Spell of Fear

One of the main characteristics of the recent protests in Iran is the courage and fearlessness of the people,...

Iran Is on the Brink of a Revolution

The wall of fear has been broken. In many cities across Iran, women are taking to the streets, leading...

Iran’s Regime Claims To Fill Global Energy Gap Despite Crippled Petroleum Sector

In recent weeks, the Iranian regime’s officials have been constantly exaggerating their huge capacity in oil and gas reserves...

What Is Happening in Iran?

Following the brutal killing of Masha Amini, the Iranian people have once again united to fight and defeat the...

Iran Regime’s Ministry of Culture’s Decision To Eliminate Children’s Intellectual Centers

With the so-called ‘Cultural Revolution’ which took place between 1980 and 1983, the Iranian regime tried to purge the...

Must read

Iran eyes Mexico in deepening Latin America ties

AP: Iran is exploring ways to expand anemic trade...

Iran police arrest 1,000 during fire festival in Tehran

Iran Focus: Tehran, Iran, Mar. 16 – Iran’s paramilitary...

You might also likeRELATED
Recommended to you