Iran president stresses need to balanced oil price

Iran-Venezuela-Rouhani-Ramirez
Iran-Venezuela-Rouhani-Ramirez

The Iranian president says crude price fluctuations will have an adverse impact on global economy.

Iranian President Hassan Rouhani has stressed the need for stability in global oil prices, warning against consequences of sharp price fluctuations on world’s economy.

“Market turmoil and sharp rises or falls in oil prices will affect the stability of global economy; therefore, efforts should be made for oil to have a balanced price,” Rouhani said in a meeting with Venezuelan Foreign Minister Rafael Ramirez in Tehran on Saturday.

He also underlined the need for mutual consultation on major global economic issues, including oil price instability.

Rouhani’s remarks come as the 166th ministerial meeting of OPEC is scheduled to be held in Vienna on November 27 to discuss sharp reduction in oil prices.

Oil prices have plunged in Asia, with analysts laying the blame on the rise in the value of the US dollar and the improbability that the intergovernmental OPEC body cuts crude output.

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