Expert Foresees Further Oil Price Hikes

Tehran, Sept 25, IRNA – Senior oil expert Nersi Qorban says oil prices will continue rising in the future. Interviewed by the Persian-language daily `Iran’, Qorban said, “A glance at the current world oil market conditions reveals that the diagram of oil prices will continue its upwards trend.” He said many factors affect the oil market the most important of which is supply and demand. “After a harsh critical period and following a decision by European central market, economic conditions in the continent are improving.” He said, in the US better economic conditions in sight and on the same basis, it is predicted that global demand for oil will increase. Moreover, he added, other issues such as sanctions on Iranian oil sector and start of the cold season in the coming days will affect the oil price. The expert said oil storage in oil consuming states which has started for the past few months will continue. He emphasized that given all these factors as a whole, the possibility of oil price hikes in the future is getting stronger than before./end