Azernews.Az

By Sara Rajabova

Iran, like many of the oil-exporting countries is still suffering from the sharp drop of global oil prices, as it has declined about 50 percent since June last year.

Tehran blamed the political factors behind the fluctuation in the oil prices, saying it is unpredictable. Currently, Brent price in the market stands at $55 per barrel.

Bijan Nambar Zangeneh, Iranian Petroleum Minister said no clear estimates could be provided on the future of oil prices, which have witnessed a severe slump in recent months, Press TV reported.

Zangeneh said the future of oil prices is “not predictable,” adding, however, that “political factors and intentions” have had a negative impact on global oil sales.

He made the remarks on the sidelines of an economic conference in the Iranian capital city Tehranon January 4.

Oil prices started to fall over increased supplies by certain countries such as Saudi Arabia, the largest producer in the Organization of the Petroleum Exporting Countries (OPEC), and a lackluster global economic growth.

OPEC, which pumps out about 40 percent of the world’s oil, has so far refrained from cutting its production to balance the market due to opposition from Saudi Arabia.

Iran has criticized Saudi Arabia, the world's biggest crude exporter, for its lack of cooperation in preventing the fall in oil prices.

Hossein Amir Abdollahian, Iran's Deputy Foreign Minister recently said falling world oil prices will hurt countries across the Middle East unless Saudi Arabiatakes action to reverse the slump, Reuters reported.

However, Riyadh has said OPEC will not cut oil production even if oil prices fall to $ 20 a barrel.