Tehran, YJC. Iran’s oil minister enumerates political factors as having key role in the continued declined of global oil price.
The US and its allies are trying to deal a blow to the
Iranian and Russian economy using the low oil price, said Iranian oil minister Bijan
Namdar Zanganeh.
He said political factors have "undoubtedly" had a
role in the oil price slump, but underlined that "market fundamentals” (supply
and demand) were the main reasons behind the global decline in prices.
Zanganeh pointed out that US President Barack Obama has
recently acknowledged that "political will” has been behind a decline in the
oil prices.
He further said "Therefore, he (Obama) announced that
Russia’ economic growth has faced a crisis following the decline in the oil
price and that the US was able to exert pressure on the country (Russia) over
Crimea and Ukraine using the policy (oil price decline).
We think the US and its allies also had the intention to
deal a blow to Iran, the oil minister stated.
Over the past seven months, the oil prices have fallen about
50 percent due to a glut of supplies by certain countries such as Saudi Arabia.