Novak: exit Iran on the world oil market will affect the prices

Novak: exit Iran on the world oil market will affect the prices


Additional amounts in any case will affect the balance of supply and demand, said energy Minister Alexander Novak. But, he said, will need to pay attention to the situation in other countries, at rates and on investment.

TEHRAN, 21 Nov. The exit of Iran on the world oil market will affect oil prices, but as time will show, told reporters energy Minister Alexander Novak on the sidelines of the Ministerial meeting of the Forum of gas exporting countries.

“The answer to this question (how will the exit of Iran on the oil market — ed.) is not so straightforward, of course additional amounts in any case will affect the balance of supply and demand. Will need to see what will happen in other countries, what prices will be at that time, what will be the investment. We do not fully understand exactly when Iran will be able to enter the market”, — said the Russian Minister.

“We expect including, when Iran will announce its conditions, to understand what investments will be made and in what time frame,” added Novak.

Previously, Deputy oil Minister of Iran, Amir Hossein Zamaninia reported that the Tehran in the next 5-6 months will increase oil production by about 1 million barrels a day.