Iran Rejects Media Reports on Oil Price Prediction by Zanganeh

News ID: 632390 Service: Economy
بیژن نامدار زنگنه

TEHRAN (Tasnim) – Iran’s Oil Ministry rejected earlier media reports about any prediction of future oil prices allegedly made by the country's Oil Minister Bijan Namdar Zanganeh.

In an official statement released on Sunday, the Oil Ministry stressed that Mr. Zanganeh has not predicted or specified any figure for the price of oil in his interviews.

The statement came in response to media reports arguing that Iran’s oil minister had forecast greater slump in oil price, as low as $25 a barrel.

“The Oil Ministry denies reports published in some local and foreign media outlets claiming that the Islamic Republic of Iran’s oil minister have predicted a decrease in oil prices to 25 dollars (per barrel),” the statement added.

Oil has plunged by more than half since June 2014 to below $50 a barrel, pressured by a global glut and OPEC's refusal to cut its output.

OPEC announced last November it would keep output steady at 30 million barrels a day, despite pleas from some members for it to cut output to support prices and revenues.

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