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."
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