Iranian Petroleum Minister Bijan Namdar Zangeneh stressed on Tuesday that if US lifts sanctions against Iran, then oil prices will decrease and the market will not be unstable anymore.

Iran Press- Iran news/ '(US President Donald) Trump thinks that he can reduce oil prices by bullying others into submission,' Zangeneh said on the sidelines of the 4th Iranian Petroleum and Energy Club Congress and Exhibition in Tehran. US is responsible for instability in the oil market, he said.

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The current conditions of the oil market will not improve since experts believe that the market is suffering from a supply shortage, Zangeneh reiterated according to an IRNA report.

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

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

Iranian Petroleum and Energy Club, which 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 commercial affairs.

On May 8 2018,  the US withdrew from a 2015 multilateral nuclear agreement with Iran and said it would re-introduce the sanctions that had been lifted under the accord.

Washington reinstated a series of unilateral sanctions against Iran in early August and is about to re-impose a second batch in November which would primarily be meant to undermine Tehran’s oil exports.

Beijing and New Delhi have thus far been defiant to Washington's call to stop buying Iranian oil, saying they abide only by sanctions imposed by the United Nations and not those imposed by any other country.

The International Energy Agency (IEA) warned against the significant impact of a US plan to impose crude oil sanctions against Iran, could challenge the world oil supply.

Oil prices recorded fourth weekly gain in a row with the reports of the declining Iranian crude oil exports ahead of the sanctions on Iran by the United States early next month.

International benchmark Brent crude traded at around $83.38 on Monday, while U.S. West Texas Intermediate (WTI) stood at around $73.81.

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Oct 16, 2018 15:06 Asia/Tehran
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