"The prices are unpredictable, especially because political factors and intentions have direct influence on them,” Iranian Oil Minister Bijan Namdar Zangeneh said speaking to reporters on Sunday.
When asked how long he thought oil prices will keep falling, Zanganeh said: "Not until the unbalanced supply-and-demand system in the economic sector, along with the negative political intentions, is removed.”
"Political factors and intensions have grave impact on the prices, which is of course an issue that we can assess,” said the oil minister.
Zanganeh made the remarks on the sidelines of a national conference on economy in Tehran.
It is the 1st conference on Iranian Economy and is named Strategies for Achieving Sustainable Growth and Employment. The conference opened on Sunday with President Hassan Rouhani.
Several of the cabinet ministers, as well as university professors, governmental officials and economic experts and activists attended the 2-day gathering which will address the country’s macroeconomic issues.
Earlier on Sunday, Zanganeh had briefed the Iranian parliament members on recent developments in international oil markets.
He had earlier stated that a conspiracy was behind the continuing oil price plunge-down.
The Iranian oil minister believed the prolongation of the downward trend of international oil prices marketed a political conspiracy which was intending to go to extremes.