Iran doubts that OPEC will start supporting the oil prices. However, the oil industry is able to function with the price of $25.00 per barrel, said Iranian Oil Industry Minister Bijan Zangane. In the comments posted on the Ministry’s web site Zangane has urged the OPEC member-states to establish a closer cooperation.
At the session in November 2014 Iran and Venezuela have urged OPEC to reduce oil production to stop the slump of oil prices, but the decision has not been made under pressure Saudi Arabia – the biggest maker and exporter of oil. The next OPEC session is scheduled for June , 2015.
“Even with the oil price below $25.00, our oil industry will not be under threat,” Fars news agency quoted Minister.
The Iranian government has reduced the oil price based in the budget from $72.00 to $40.00 per barrel.