Iranian Oil Minister Bijan Zanganeh issued call to OPEC to work to stem the decline in global oil prices. Overall prices have seen steady decline lately and generally remained below $100 per barrel threshold.
“Given the downward trend of the oil prices, OPEC members should make efforts to offset their production to keep the prices from further instability,” Zanganeh said in a statement issued at OPEC. (UPI, 26 September)
The decline of prices below the $100 mark creates serious budgetary shortfall for Iran. The country exports oil at volumes nearly half its pre-sanctions levels, and is involved in two costly wars in Iraq and Syria.
File photo: Iranian oil export terminal at Kharq Island (Getty Images)