Iran lowers its oil price

Young Journalists Club | Latest news of Iran and world

News ID: 5270
Iran » Iran
Publish Date: 7:25 - 12 October 2014
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Tehran, YJC. Iran has lowered its oil price in what seems to be the country’s action in response to Saudi Arabia’s recent price war.
After Saudi Arabia reduced its oil price as much as one dollar for some markets, Iran’s National Oil Company Director of International Affairs announced on Saturday that the country has also lowered its oil price.

Mohsen Qamsari denied allegations that the move aims attracting more customers and said that it is a response to Saudi Arabia’s initiative.

He stated that "technical causes” rather than competition with Saudi Arabia have comprised Iran’s reasons for lowering oil prices, adding "Economic situations, supply and demand status, and the prices of products that are currently there in the market are the reasons for this reduction in prices.”

Bloomberg TV had said that Iran has approximated its oil price to that of Saudi Arabia in order to attract its Asian customers.

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