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Iran Sees Oil Rising to $80 by End-2016 on Slower U.S. Drilling

Posted on 08 May 2015

Current crude prices at about $68 a barrel are unsustainable and will rise to $80 by the end of next year as U.S. supply slows, Iran’s deputy oil minister said. “From a commercial point of view, we believe today’s price is not sustainable,” Roknoddin Javadi, who is also managing director of state-run National Iranian Oil Co., said Thursday at a news conference in Tehran.
“Based on trends and information we have and what’s happening in the U.S. drilling sector and consequences for the related industry, our expectation is that by the end of 2016 we can see this figure of $80.”……………………………………….Full Article: Source


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