Volume. 12231

Iran doesn’t favor high prices for crude oil: minister
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c_330_235_16777215_0___images_stories_edim_04_mg4(7).jpgTEHRAN – Iranian Oil Minister Bijan Namdar Zanganeh has said that the country is not in favor of high prices for crude oil, as it will not manage to sell expensive oil in the international market.
“Whenever oil price went high, we could not succeed in selling it,” the Mehr News Agency quoted Zanganeh as saying on Saturday.
High oil price can be a challenge for Iran and a welcome opportunity for our rivals, because they can sell crude oil at higher prices, Zanganeh explained.
This is while the former Iranian Oil Minister Rostam Qasemi said in July that $100 per barrel of oil is a fair price.
Qasemi said that if the oil price remains over $100, there will be no need for the Organization of Petroleum Exporting Countries (OPEC) to hold crisis meetings.
Zanganeh has pledged to boost Iran’s oil output, saying, “My first action will be to bring the country’s oil production capacity back to 2005 levels.”
Iran is producing 2.56 million barrels a day in July. The country produced about 4 million barrels a day in 2005, according to Bloomberg.
Zanganeh has said an ad hoc committee will also be formed to study the sanctions imposed on the Islamic Republic and find ways to increase Iran’s oil exports.
He expressed hope that specialized manpower and veteran diplomats would help Iran's oil sector blunt the impact of Western sanctions.

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