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US pressures on Iran could lead oil market towards more fragility: Zanganeh

Iranian Minister of Petroleum Bijan Zanganeh said the current crude oil market was in a fragile state, adding “if the US decided to exert more pressure on Iran, the oil market would become unpredictably more fragile

US pressures on Iran could lead oil market towards more fragility: Zanganeh
(Sunday, April 7, 2019) 09:21

The Iranian Oil Minister Bijan Zanganeh made the remarks during a live radio interview on Sunday according to the Oil Ministry news service SHANA. During the interview, Zanganeh referred to the latest US President Donald Trump’ threats against Iran, saying "we continue to work, but what's important is that the oil market is in a fragile state, and that there is not so much supply for the demand.”

“Such statements are mostly propaganda-oriented rather than calming the market. But that will not be the case. The price of oil is rising day by day, reflecting growing concerns in the market,” the Iranian oil minister said.

The official argued that “Mr. Trump should choose whether to add more pressure on Iran or keep fuel prices low on gas stations in the US.”

“Venezuela is now in difficulty; Russia has been banned; Libya is in a state of unrest and the US has lost a part of its oil output. These indicate that the state of production, supply and demand are fragile. If they want to add pressure on Iran, this fragility will be unpredictably exacerbated,” he further expalined.

Zangeneh also reacted to rumors that oil facilities had been built on land in order to reduce costs leading to drying up of wetlands in oil-rich areas, saying that such rumors were spread by enemies of the Iranian nation,

“There are films on oil facilities in wetlands that are swarmed with water,” he said.

He emphasized that there were no prohibitions on the issue of Hoor al-Azim Wetland  on the southwestern borders with Iraq on the part of the Iranian Ministry of Petroleum, adding "our policies have always been concerned with the ecosystem of the wetland as a living system and, for that matter, we have incurred a lot of expenses.”

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