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US causes tension in oil market: Iranian minister

Tehran, Petroleum Minister Bijan Zangeneh said on Tuesday that the main part of the current problem in oil market comes from political tensions created by US president in international atmosphere and not lack of balance in demand and supply.

The minister, before leaving Tehran for Vienna to attend a meeting of the Organisation of Petroleum Exporting Countries (OPEC) told reporters that US president agrees with higher prices of oil in order to develop shale oil in that country, but attacks OPEC for rising oil prices to distract public opinion on the issue.

Zangeneh is to participate in the 7th International Seminar and 174th meeting of OPEC in Vienna.

The 7th International Seminar is to be held in Vienna on June 20-21, 2018 in the presence of senior officials and representatives of governments, companies and scientific circles.

The main motto of the seminar is' Oil, Cooperation for sustainable future'.

750 participants are expected to attend this event.

OPEC 2018 Awards for research and journalism is to be granted in this event.

Also, the 174th OPEC meeting is to be held on June 22, 2018 in Vienna.

Observers believe that this meeting would be one of the most challenging sessions in recent years because of US president's request from a number of OPEC member states to increase oil production.

Member states of OPEC in their meeting in November 30, 2016 decided to freeze their production on 32.5 million barrels a day and this decision was implemented in January 2017 and was extended in the next meetings.

Source: Islamic Republic News Agency - IRNA

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