Iran does not expect oil price to surge in next 3 years
Baku, Azerbaijan, Oct. 26
By Fatih Karimov - Trend: Iran does not expect the oil price to surge in the next three years.
Mohsen Ghamsari, executive director for international affairs at the National Iranian Oil Company (NIOC) said the oil market has been turned into an unpredictable market. "The market has been weakened. It is facing with one million barrels of oversupply," Iran's IRNA news agency reported Oct. 26.
News related to a one-million-barrel rise in Iran's oil output in the post-sanctions era has also affected the market, Ghamsari said.
Referring to consequences of oil price of above $100 per barrel, he said: "Over the past few years, new suppliers have entered the oil market, and the U.S. has reduced its dependence on Middle East oil."
"In the most optimistic case, the oil price is forecast to be around $60 for the next two years. This is also predicted that the situation could remain the same until 2025," he concluded.
Iran's Oil Minister Bijan Namdar Zanganeh said in September that the country welcomes any action that improves the situation in oil markets.
Any steps needed to escape the current conditions are supported by Tehran, he added.
Oil prices have plunged from above $108 in first half of 2014 to the current under $50 per barrel.
Iran sold only 720,000 barrels per day in October to its four major Asian clients China, India, Japan and South Korea, while Turkey bought 110,000 barrels per day.
Edited by CN