Abu Dhabi – Mubasher: UAE’s Energy Minister Suhail Al Mazrouei said Wednesday that the current volatility in oil prices across global markets is not related to supply and demand.
The fluctuations in oil prices are driven by speculators’ anticipation and worries about the impact from Iran’s production increase, the minister tweeted.
Iran’s Oil Ministry revealed mid-January that Tehran would boost crude production by 500,000 barrel per day after sanctions imposed by Western powers were lifted.
Crude futures fell on Wednesday due to selling pressures after the recent rises. Brent lost 2.08% to $31.14 pbd by mid-trade, while U.S. crude shed 3.37% to reach $30.39 bpd.
