“Iran’s oil prices have declined disproportionately with the drop in the Saudi oil price,” Mohsen Qamsari, director for international affairs of National Iranian Oil Company, said.
He said Iran’s crude oil prices have always been “in parallel and in competition” with the Saudi oil price, adding: “Recently, Iran’s crude oil prices have not fallen meaningfully compared with the Saudi oil price for attracting more customers.”
Qamsari said Iran announces oil prices on a monthly basis and that they depend on the “market fluctuations.”
He added that the fall in Iran’s oil price is related to “technical reasons” without any connection to “rivalry between the two countries.”
“Economic conditions, the market supply and demand and the price of petroleum products in the market are some factors behind the price slide,” said Qamsari.
He said that Iran does not seek any “meaningful competition” with Saudi Arabia on the oil prices.
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