“The oil prices will reach $90 by the end of this year,” Mohsen Qamsari, director for international affairs at National Iranian Oil Company, said.
He added that the $20 drop in the prices over the past two months stems from political issues and the alleviation of US government pressure on the oil market.
“Due to some political issues, the US pressure on the oil market has declined and this issue led speculators to ditch the oil market which caused a decline in the oil prices,” said Qamsari.
He said the oil prices will continue to fall if only the supply and demand is taken into consideration.
“The reduction of political tensions in Iraq and Ukraine and oil oversupply by Russia and the US are the main reasons behind the oil price fall in the world markets, but these issues will not definitely cause a $20 decline in the prices,” he said.
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