Oil project cost rises may hurt world output-Iran

TEHRAN (Reuters) – Rising costs for oil projects may threaten new investment in producing countries, Iran’s oil minister said in remarks published on Saturday.

Gholamhossein Nozari also said volatility in oil prices, which have swung above and below $100 a barrel this month, was partly due to the instability of the U.S. dollar.

“The oil market is currently in turmoil and part of this stems from the jump in the value of the dollar to euro, or the sudden drop in the value of the dollar to the euro,” Nozari was quoted as saying by Iran’s Fars News Agency.

Reuters