Iran Oil Min: Expect High Prices For Next Few Yrs -Report

Iran’s Oil Minister Bijan Namdar Zanganeh said Sunday that high oil prices will continue to afflict major oil-consuming countries, the semiofficial Fars news agency reported Sunday.

The minister, referring to sanctions placed on producers, including Iran, said politics should be divorced from the oil sector in a bid to help oil-producing countries develop spare capacity.

“Oil prices will continue to remain high in the next few years, since there will be no spare production capacity in the world over the course of 2006 and 2007,” Zanganeh said.

The Iranian oil minister said the world is currently faced with a pronounced shortage of spare production capacity, which will continue to exist in the foreseeable future.
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