Thursday, February 2, 2023

Falling crude prices unable to push Iran to soften tone

The Iranian oil chief has said that plummeting oil prices will not make the country change its steadfast positions and stances.

Iranian Oil Minister Bijan Namdar Zanganeh stressed that the free fall in oil prices will not affect the country’s steadfast positions and stances.

“We pursue a series of measures to confront the oil price falls, but the important point is that we have shown that we will not withdraw from our positions by decreasing oil prices and will not change our positions; we will continue our resistance regardless of oil prices,” Namdar Zanganeh told reporters in Tehran on Sunday.

Asked if Iran would call for an OPEC emergency meeting, he said an OPEC session will not help the situation and the member states first should reach a consensus.

“Iran will not call for an OPEC emergency meeting unless it sees consensus among the members,” Namdar Zanganeh said.

Also asked about the membership of new countries in the oil cartel, he said, “The new members have a low (production) capacity and their membership will not help OPEC.”

“And Russia will not enter the OPEC either,” Zanganeh added.

In relevant remarks last month, Iranian Government Spokesman Mohammad Baqer Nobakht underscored that the country was ready to defuse the possible impacts of the drop in crude prices over the Iranian economy, ensuring that the government could manage the country even with lower oil revenues.

“They think that they can pressure Iran by continuing such conditions, but just the same way that we are now acting exactly on the basis of the budget planning despite the decreased (oil) prices in the current year, we will move on the same course in future as well,” he added.

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