Despite recent price drop, no predicting future crude move: Iran

Tehran (Platts)--15Nov2004

Despite crude prices falling almost $9 from all-time highs, it is difficult to
project future prices moves, Iranian Oil Minister Bijan Zanganeh said Monday.
"No one can comment definitely on the future of crude prices and we should be
careful that the market not face high (levels) and sudden (declines) in
prices," Zanganeh told the oil ministry's news agency, Shana. "The price of
(WTI) has dropped by (more than) $8/bbl during the past two weeks, showing
that crude prices sometimes fluctuate without any certain cause driven by
market factors." Zanganeh predicted demand for OPEC's crude will increase in
the future because of "the world's high economic growth as well as the fact
that basic elements have kept the prices high in the oil market."

Copyright © 2004 - Platts

Please visit:  www.platts.com

Their coverage of energy matters is extensive!!.