ANKARA
Brent crude oil prices rose above the $60 per barrel mark on Wednesday amid Iran’s call for an oil production cut.
On April 9, Brent oil prices were $56 per barrel, p/b, and increased daily over five consecutive days to reach $60 on Wednesday - the highest price since the beginning of March.
Iran’s Petroleum Minister Bijan Zangeneh said on Tuesday that OPEC should cut oil production by at least five percent to provide support to OPEC producing members against falling oil prices.
According to experts, the price rise was supported by Zangeneh’s speech.
"Zangeneh’s call for an oil production cut was very important and also the Iranian president’s speech was another reason," said Isik Okte, investment strategy director of TEB, Turkish Economy Bank.
Hassan Rouhani said on April 9 that Iran will reject a nuclear deal with major powers unless all economic sanctions targeting its economy are lifted immediately after the deal is inked.
Rouhani confirmed on April 3, that a compromise on a framework accord over Iran’s controversial nuclear program was achieved with the world powers group, the P5+1, after a marathon session of talks in Lausanne, Switzerland ahead of the July 1 agreement deadline.
The parties agreed to curb Iran’s nuclear activities on a long-term basis, and in return remove the sanctions that have taken their toll on the Iranian economy.
