The lifting of sanctions against Iran will push oil prices up

Almaty. January 23. Silkroadnews - Iranian Oil Minister Bijan Namdar Zangane believes that the cancellation of international sanctions against Tehran would help to stabilize oil quotations to reasonable levels, informs the Iranian News Agency (IrTAG) on Friday. The minister added that the abolition of sanctions against Iran will lead to the unconditional increase of prices for oil in the world.
Touching upon the weak global energy markets and its possible impact on the implementation of major oil and gas projects in Iran, the minister stressed that the government does not intend to reduce the volume of previous programs in this area. In particular, he said that work on the construction of new plants for the processing of liquefied natural gas (LNG) at a major South Pars field in the south of the country will continue as planned.
"The rapid decline in oil prices does not affect the economic feasibility of the construction of the LNG processing plants. Of course, these facilities will be built in accordance with the established schedule", - said the minister.