Baku, Azerbaijan, Sept. 18
By Umid Niayesh - Trend:
Iran's entry into the market once the sanction are lifted will not be the determining factor in oil price, Rokneddin Javadi, the managing director of the National Iranian Oil Company said.
Currently global demand for crude oil is less that supply, so Iran's some one million or more barrels of surplus supply would not be considered as a factor for price fall, Javadi said, Iran 's ISNA news agency reported Sept. 18.
Oil price fall is most likely in the upcoming months, no matter whether Iran returns to the market or not, the Iranian official said, adding so Tehran should not give up its share in the world market.
Javadi also forecasted that the crude oil prices will not fall under $40 or $45, adding Iran 's oil is also being sold in this range in the international market.
Last week, Iran cut the quarterly price differential for its flagship light crude against Saudi's Arab Light to the lowest in three years.
The price cuts come as Asia 's economies slow and amid discussions for next year's supplies between producers and refiners. Also, Iran is looking to elbow its way back into its previous market share once sanctions over Tehran's nuclear program are lifted, expected by the middle of next year.
Tehran is producing about 2.8 million barrels of crude oil per day of which some 1.7 million barrels is consumed domestically.
Edited by CN
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