Oil minister says a political resolve is behind falling oil prices

Tehran, Jan 19, IRNA – Oil Minister Bijan Namdar Zanganeh said Monday that although the plunge in oil prices is partly due to economic factors, a political resolve opposes prices from moving upwards. Zanganeh made the remarks speaking to reporters on the sidelines of a ceremony marking the 50th anniversary of establishment of Iran's petrochemical industry. Asked about role of the US and Saudi Arabia in the drop in global oil prices, Zanganeh declined to mention any country by name. 'We are currently in talks with OPEC members over the falling prices,' Zangeneh said. He refuted to predict the oil prices for the next year and said that to address the current condition of oil market, OPEC member and non-member countries need to cooperate. Convergence among OPEC members seems to be created finally, Zangeneh said. However, he noted, reaching such a stage needs time.