Iran predicts surge in oil prices

Increased energy demand in China and India should drive oil prices higher as OPEC is expected to call for further production cooperation, Iran said.

Iranian Oil Minister Gholamhossein Nozari said OPEC at its May 28 meeting may call for stricter cooperation measures from non-OPEC members. He also predicted oil prices would spike amid rising demand in Asia, Iran’s Press TV reports.

“There are changes in oil demand in China and India, which are likely to take the oil price back to its previous position,” he said, without offering specifics.
UPI