Oct 16, 2018, 1:29 PM
News Code: 83067818
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Petroleum min urges US to lift sanctions for reducing prices

Tehran, Oct 16, IRNA – If US lifts sanctions, oil prices will decrease and the market will not be instable anymore, Iranian Petroleum Minister Bijan Namdar Zangeneh said.

'(US President Donald) Trump thinks that he can reduce oil prices with bullying,' Zangeneh said on the sidelines of the 4th Iranian Petroleum and Energy Club Congress and Exhibition in Tehran.

US has imposed instability on oil market, he said.

The current conditions of the oil market will not be better now since experts believe that the market is suffering from supply shortage, said the minister.

No country will be able to produce more oil, he said, adding that even it is not clear that Saudi Arabia will continue to export mor oil.

Oil management is a complicated issue and rationing will be a solution, Zangeneh said.

Iranian Petroleum and Energy Club, whic aims to promote efficiency, is a public and non-governmental organization that is composed of senior executives, experts and researchers who work in the fields of strategic management, energy economics, technology and juridical and commercial affairs.

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