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Oil Price Recovery ‘Difficult’

Source: 11/15/2014, Location: Asia

Iran’s petroleum minister said on Saturday that oil prices are unlikely to rebound as they keep falling in world markets.

“A return to past oil prices is difficult, but we have to modify the price to a level allowed by new market conditions,” Bijan Namdar Zangeneh said following a meeting with Venezuelan Foreign Minister Rafael Ramirez in Tehran.

The minister said that OPEC member states are expected to bring their views closer together when they meet on November.

“The important thing is that OPEC members feel the need for strengthening cooperation to improve the current market conditions and OPEC is obligated to take appropriate action,” said Zangeneh.

“Each country shoulders a responsibility in compliance with its oil production and we hope that we will be able to cooperate with non-OPEC countries in this sector,” he said.

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