Iran Energy News Oil, Gas, Petrochemical and Energy Field Specialized Channel
Related Articles
Crude oil suppliers are content with the price of oil in the range of 55 to 60 dollars a barrel. adding the market is moving towards restoration of supply-demand balance. said Oil Minister Bijan Zangeneh.
He said the oil market is moving towards rebalancing of supply of demand and no one has ever imagined this to happen all at once.
Zangeneh said. It cannot be said for sure that the upward trend will continue. and no one has had such an expectation. most of the estimates indicate that the price of oil will be fixed at around $55/b. but these are just forecasts and things may change over time.
If the prices grow to around $70/b. supply will rise to a level that supply-demand balance will be disturbed causing prices to fall. said the official.
The Minister said preparations for arranging the tenders are under way and the list of qualified companies has been produced for inviting them to the tenders.
