|10-15-2014, 02:16 PM||#1|
Oil price hawk Iran says lower oil prices are fair
In a surprising change of track, Iran seems to accept lower oil prices, conjoining with Saudi Arabia and other Gulf OPEC member views, and making it unlikely that a collective cut in prices will happen.
Iran is traditionally among the first of the Organization of the Petroleum Exporting Countries (OPEC) to demand supply cuts to lift prices. However, a drop in oil prices to its lowest in four years did not prompt any action from OPEC’s second-largest producer.
A source familiar with Iran’s oil policy told Reuters that “at this time of the year, it is normal to have some price weakness, and weakness has been compensated for by the appreciation of the U.S. dollar.”
Iran usually needs high oil prices to balance its budget.
Other Gulf producers such as Saudi Arabia, Kuwait and Qatar seem at ease with lower prices.
This apparent shift in policy by major oil producers of OPEC could be aimed at slowing the expansion of new rival producers, amid the U.S. shale oil boom.
The focus now turns to the next OPEC meeting in November 27. A collective decision to reduce supplies to hike prices is unlikely.
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