Iran Sees ‘No Threat’ from Oil at $25 If Prices Keep Tumbling - Bloomberg

Iran Sees ‘No Threat’ from Oil at $25 If Prices Keep Tumbling - Bloomberg:



"OPEC has no immediate plan to cut its output target for crude, and Iran is strong enough to withstand a deeper slump in prices even if the country must sell at $25 a barrel, Oil Minister Bijan Namdar Zanganeh said.



“If the oil prices drop to $25 a barrel, there will yet again be no threat posed to Iran’s oil industry,” Zanganeh told reporters yesterday at a conference in Tehran, according to the state-run Fars news agency.



Brent crude traded below $50 yesterday in London. Oil has fallen about 30 percent since the Organization of Petroleum Exporting Countries decided on Nov. 27 to keep its ceiling unchanged at 30 million barrels a day. Iran isn’t seeking for OPEC to hold an emergency meeting, Zanganeh said. The group’s next scheduled meeting is for June 5."



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