Ilham Shaban: Iran's statements do not affect the price of oil

Thu 03 December 2015 10:08 GMT | 14:08 Local Time

Text size: bigger smaller

"At the moment four factors have effect on the market."

Iran's statements on the eve of the OPEC meeting did not influence the fall in oil prices.

Oxu.Az reports that the statement came from the head of the Oil Research Center Ilham Shaban.

According to him, four factors now have effect on the decline in oil price:

"At the moment China's economic problems, released statistics for the third quarter in Europe, dissemination of information on oil stocks in the United States, and finally, the final decision of OPEC on December 4 have effect on the decline in oil prices," Ilham Shaban said.

Energy specialists noted that in the last 10 days, oil prices actually remain stable:

"On 24 November, in connection with the known events related to the Russian Su-24, oil prices suddenly increased by $2. Over the next 2 days there was a decline in prices. In fact, in the last 10 days rates remained stable within $44."

Ilham Shaban said that the decision in connection with the decline in oil production will be made at the OPEC meeting on 4 December.

"The decision to reduce oil production will be made at the meeting of OPEC. But it is not clear how the quota will be reduced. It may be reduced by 670 000 thousand barrels or even 1 million barrels per day. That is, the quota will remain stable."

Ilham Shaban also added that the figures released in connection with the GDP of developed countries also were among the factors affecting the price of oil.

It should be noted that Bloomberg recently wrote that Iran's statements on the eve of the OPEC meeting would affect the reduction of oil prices.




Most read articles

More from Commentary

In The Region

Editor Picks

Azerbaijan Cuisine

Explore the food of Azerbaijan - from sherbet to succulent kebab, from baklava to fragrant pilaff

Follow us

Find us on Facebook

Real estate