FRAGILE OIL MARKET
SHANA - Iranian Minister of Petroleum Bijan Zangeneh 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."
Speaking in a live radio interview, Mr. Zangeneh 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 from 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 from 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."
Highlighting the latest US President Donald Trump' threats on Iran, Mr. Zangeneh said, "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," he 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."
Zanganeh, in response to the a question that if Sudan's current state as a pivot supported by Saudi Arabia was to end, and that of pressures continued on Venezuela, then would the United States succeed in furthering pressure on Iran, said such issues concerned northern Sudan while the country produced most of its oil in its southern regions, adding continuation of the status quo in Venezuela could only increase pressure on the US.