Date
12 December 2017
Bijan Zanganeh says Iran is in consultations with fellow OPEC members to prevent a sharp fall in the oil price. Photo: Bloomberg
Bijan Zanganeh says Iran is in consultations with fellow OPEC members to prevent a sharp fall in the oil price. Photo: Bloomberg

Iran says its oil industry can withstand US$25 crude

Iran sees no sign of a shift within OPEC toward action to support oil prices, its oil minister said.

Bijan Zanganeh said its oil industry could ride out a further price slump to US$25 a barrel, Reuters reported.

His comments are a further sign that, despite lobbying by Iran and Venezuela, there is little chance of collective action by the 12-member Organization of the Petroleum Exporting Countries to prop up prices.

In remarks posted on the Iranian oil ministry’s website, Zanganeh called for increased cooperation between members of the cartel.

“Iran has no plan [to hold an emergency OPEC meeting] and is currently in consultations with other OPEC member states in a bid to prevent the sharp fall in the oil price, but these consultations have yet to bear fruit,” he said.

Oil has plunged by more than half since June to below US$50 a barrel Monday, pressured by a global glut and OPEC’s refusal at its last meeting in November to cut its output.

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CG/FL

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