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News ID: 6232
Iran » Iran
Publish Date: 8:37 - 07 February 2015
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.

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