Iranian petroleum minister blames politicization for challenges in oil market

Iranian Petroleum Minister Bijan Namdar Zanganeh has called politicization the main challenge in the oil market. He noted at the 14th International Energy Forum in Moscow that Iran was planning to increase oil and condensate extraction to 5.7 million barrels a day in the next 3-4 years, Trend reports.The minister considers the current price for oil to be fair and does not expect OPEC to limit oil extraction at the meeting in June.According to the monthly report of OPEC published on Tuesday, the world oil market in 2014 was characterized as balanced. The organization set a quota for oil extraction at 30 million barrels a day. Vienna will host the next council of the organization on June 11.

Iranian Petroleum Minister Bijan Namdar Zanganeh has called politicization the main challenge in the oil market. He noted at the 14th International Energy Forum in Moscow that Iran was planning to increase oil and condensate extraction to 5.7 million barrels a day in the next 3-4 years, Trend reports.

The minister considers the current price for oil to be fair and does not expect OPEC to limit oil extraction at the meeting in June.

According to the monthly report of OPEC published on Tuesday, the world oil market in 2014 was characterized as balanced. The organization set a quota for oil extraction at 30 million barrels a day. Vienna will host the next council of the organization on June 11.