TEHRAN, Oct 4: Iranian Oil Minister Gholam Hossiein Nozari said on Saturday that an oil price of less than $100 for a barrel is “unsuitable” either for producers or for consumers.”
Speaking to reporters on the sidelines of a gas export conference, the minister did not elaborate.
“Unfortunately despite decrease in oil prices we have not seen any signs of a decrease in the costs” of oil production, he added.
Asked for a forecast on prices, he said there had recently been such wild fluctuations that “$5 to 10 up or down cannot be analysed.” Nozari blamed the current economic crisis in the US and its affect on Europe for the fluctuations.—AFP
Read more
On DawnNews
Dear visitor, the comments section is undergoing an overhaul and will return soon.