Sunday, August 15, 2004

Iran enjoys windfall of rising oil prices

The Daily Star - Business Articles - Iran enjoys windfall of rising oil prices: "Iran enjoys windfall of rising oil prices

By Agence France Presse (AFP)

Monday, August 16, 2004
TEHRAN: Iran is benefiting from the current increasing oil prices in the short term, Iranian Oil Minister Bijan Namdar Zanganeh said on Sunday.
'Given the increased revenues from crude exports, hiking oil prices will be to the benefit of Iran,' Zanganeh told the Oil Ministry's news agency Shana.
'The higher the oil price, the more profitable oil industry development projects,' he added.
Zanganeh said 'political tensions' were the main reason for skyrocketing prices on the world oil markets.
'Market factors under the current conditions have not played any role in pushing prices higher and political crisis and tensions have kept prices high,' he told Shana.

He echoed Iran's envoy to OPEC, Hossein Kazempour Ardebili, who said Saturday there is no reason for OPEC to raise production to bring prices down.
'Currently, there are over 2.8 million barrels of oil (per day) as surplus supply in the world's stockpiles, therefore there is no reason to supply more oil, even if feasible,' Kazempour told Shana.
But he added, 'Obviously, oil prices will have an upward trend regardless of the fundamental factors of the market, namely supply and demand.' "


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