Saturday, August 29, 2015

Obama's BFF Iran says OPEC members in favor of $70/b oil price.

Iran says OPEC members in favor of $70/b oil price. (Taz).

Iranian oil minister Bijan Namdar Zanganeh said that the price of $70-$80 for each barrel of crude oil is fair, and most OPEC members are in favor of it, Iran’s Mehr news agency reported Aug. 29.

“We should make efforts to increase the oil prices in global markets,” Zanganeh said, meanwhile arguing that "Tehran is not concerned about oil price fall”.

If we are concerned about this issue, so we should stop oil production, but we will not give up our historic share in the world market at any cost,” the minister stressed.

Zanganeh earlier blamed the latest drop in oil prices on some members of OPEC and questioned whether any OPEC emergency meeting would reach an agreement.

"To balance the oil price... OPEC members should balance their production. An emergency meeting has been requested and we don't have a problem with that," the Iranian minister said.

Global oil market experienced a historic price fall as US oil prices fell below $40 a barrel on Aug. 28 for the first time since the 2009 financial crisis.

OPEC is not due to meet until Dec. 4.

Saudi Arabia, the world's top oil exporter, and other Gulf states pushed OPEC's strategy shift last year to defend market share rather than cut output to support prices.

Hmmm.....I said it before and say it again, 'Iran will use it's huge stockpile as leverage to gain back their OPEC Share, if OPEC doesn't give in to their demands the will dump all their stocks on the market crashing the OIL market prices.' Nobody wants $20/Barrel prices.

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