Iran Sticks to Energy Diplomacy in Oil Market

Source: 10/26/2014, Location: Asia

A senior Iranian petroleum ministry official has said that the Islamic Republic will pursue its energy diplomacy vis-a-vis oil price slide.

Saeed Qavampour, director for strategic planning of Iran’s Petroleum Ministry said the ministry will conduct its own measures through energy diplomacy and will make the necessary arrangements with other oil producing countries.

“The oil price decline is a media hype orchestrated to drive the prices down and the buyers would expect low prices, but such a thing is not possible,” he said.

He said the ongoing developments in the oil market are complicated and unconventional, adding that invisible hands are leading the developments.

“Analyzing the future crude oil prices requires acquisition of new data from this tightly competitive market,” said Qavampour.

“Russia-Ukraine disputes, political moves in the [Middle East] region, coordination with the US and US enhanced recovery from its shale oil reserves are the main three factors behind oil price fall,” he said.

Qavampour said the oil prices are unlikely to fall below $80, adding that if prices keep falling, shale oil recovery in the US will no longer be economical.

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