Iran General NewsU.S. economy has less impact on oil prices now:...

U.S. economy has less impact on oil prices now: Iran

-

Reuters: U.S. economic performance has less impact on oil prices than in the past because growth in demand has recently come mainly from countries like China and India, a senior Iranian oil official said on Sunday.
TEHRAN (Reuters) – U.S. economic performance has less impact on oil prices than in the past because growth in demand has recently come mainly from countries like China and India, a senior Iranian oil official said on Sunday.

Mohammad Ali Khatibi, speaking on the oil ministry’s news Web site SHANA, said U.S. calls for a increase in crude oil production made before last week’s OPEC meeting did not take into account “market realities.”

Washington said a hike would ease the pain high crude prices were inflicting on the U.S. economy and said it was disappointed after OPEC chose to hold output steady. OPEC has blamed speculation and other factors, not supply, for high oil prices.

“Based on the statements of American officials, an increase in OPEC output would help the U.S. economy … This is while even the International Energy Agency did not ask for an increase in OPEC output, in view of the market realities,” Khatibi said.

“This demonstrates the Americans are looking for a way out of their current bad economic condition,” said Khatibi, deputy director of international affairs at the National Iranian Oil Company.

After Wednesday’s meeting of the Organization of the Petroleum Exporting Countries, the IEA said record crude oil prices would have eased had OPEC raised output.

Khatibi said members of the Organization for Economic Cooperation and Development (OECD), which groups industrialized nations, were not now the main drivers for growth in oil demand.

“In recent years the demand for oil has not been so much linked to demand of member countries of the OECD and has mostly stemmed from growth in demand from countries such as India and China,” Khatibi said.

“Consequently the U.S. economic growth will not have such a strong impact as in the 1980s on the price of oil and international oil demand,” he added.

He also said the weaker U.S. dollar had undermined the purchasing power of revenues from dollar-priced oil sales.

“We shouldn’t be happy about a weak dollar and high oil prices. The real value of crude oil should be assessed with a view to its real purchasing power,” he said.

(Reporting by Hashem Kalantari, writing by Edmund Blair; Editing by David Cowell)

Latest news

 Statistics show that New Year accidents’ deaths in Iran reached 585

Ahmad Shirani, the head of the Information and Traffic Control Center of the Iranian regime’s police, announced that the...

Land Subsidence in Critical Conditions in Isfahan

Mehdi Toghyani, a member of the Iranian regime’s Majlis (parliament), pointed to the occurrence of land subsidence in various...

Iran’s Actual Inflation Rate Higher Than Official Stats

The state-run Donya-e-eqtesad newspaper, in a report analyzing the "general sentiment" regarding inflation in 2023, has stated that households...

Iranian Workers’ Monthly $136 Wages Can’t Cover $500 Expenses

The lives of a significant portion of the Iranian population are marked by uncertainty, largely because the Iranian economy...

Iranian Nurses Earn Twice Their Wages in Ride-Hailing Services

Reza Aryanpour, a member of the regime’s Majlis (parliament) Health and Treatment Commission, highlighted the growing trend of nurses...

Iran: Unprecedented Record of 152 Million Liters of Gasoline Consumption Per Day

On March 19, Iran set a new historical record in gasoline consumption with 152 million liters consumed in one...

Must read

Mass strike brings Iran’s Kurdish provinces to a standstill

Iran Focus: Tehran, Iran, Aug. 08 – Several Kurdish...

Iran general says Israel too vulnerable to attack

AFP: The head of Iran's elite Revolutionary Guards, General...

You might also likeRELATED
Recommended to you