Iran Expects No Major Change in Int’l Oil Prices

TEHRAN (Tasnim) – Iran does not expect a major change in oil prices this year, said Iranian Oil Minister Bijan Namdar Zanganeh.

Iran Expects No Major Change in Int’l Oil Prices

"I don’t think the oil prices will change too much over the course of current year," Zanganeh said on Monday.

He told Shana that if sharp fall happens in oil prices, Iran will propose OPEC (Organization of Petroleum Exporting Countries) to reduce production.

No doubt that the OPEC will take necessary measures in case of instability in the market, he reiterated.

That is while the oil prices fell Monday after a big jump in the previous trading session that was sparked by expectations the Fed might delay stimulus reduction.

Benchmark US oil for February delivery was down 36 cents to $92.36 a barrel at 0825 GMT in electronic trading on the New York Mercantile Exchange. The contract surged $1.06 to settle at $92.72 a barrel on Friday.

Brent crude, used to set prices for international varieties of crude, eased 18 cents at $106.43 a barrel on the ICE exchange in London.

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