Iran ‘prepared for any measure’ for oil market stability

16 Sep 2017   Iran

Speaking alongside his Venezuelan counterpart, Iran’s oil minister said there was a general readiness for multilateral efforts geared toward market stability. A measure implemented by the Organization of Petroleum Exporting Countries in January to draw down the surplus on the five-year average for global crude oil prices with coordinated production declines is credited with supporting a floor under Brent crude oil prices at $50 per barrel. Two recent hurricanes that hit the southern United States are supporting stronger oil prices because of the subsequent demand strains brought by the impacts on the energy sector. A weaker dollar is another contributing factor to the price of oil, which for Brent, is close to a 2017 high at about $55.60 early […]

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