The world’s crude producers are not contended with present oil prices, said Bijan Zangeneh addressing the press in the Pars Special Economic Energy Zone, Bushehr province, prior to the arrival of President Hassan Rouhani to the region on Monday.
President Rouhani has travelled to PSEEZ to launch phases 15 and 16 of the South Pars Gas Field.
Currently, global oil market is faced with excess supply, the minister said, adding history shows that in similar condition, OPEC members have always intervened to strike a balance between supply and demand.
The present lack of balance between supply and demand in global oil market is due to OPEC countries’ failure to reach a consensus on the organization’s production ceiling, Zangeneh said.
“There must be a political will behind the current condition of the market and the drop in international prices. Scores of evidences are available that prove the veracity of this claim.”
He added five phases (12, 15, 16, 17 and 18) have become operational since President Rouhani assumed office in 2013.
“This is while, only 10 phases were operating in the past government.”
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